Fifth Generation

As Korman’s second century began in earnest, the fifth generation started working at the company with Brad’s son Jackson joining the investments team and Larry’s daughter Niki joining the marketing team. 2020 was a year of change for the company, with new family members joining and new partnerships beginning. 

AKA – Electra America Hospitality Fund: With the pandemic dramatically impacting the hospitality industry, Korman teamed up with Electra America to launch an opportunistic fund to acquire properties during this period of dislocation. While the initial goal for the fund was $350M, together the two groups raised $750M. To date, AKA has spent $400M of the equity raised across 7 new acquisitions and continues to actively underwrite opportunities for the remaining equity.

AVE – Over the course of 2020 and 2021, Korman partnered with RXR Realty to recapitalize 7 existing properties in the PA / NJ region and set up a joint venture for future acquisitions. Based on the success of the initial investment, Korman and RXR have a current portfolio together worth nearly $2B and spanning almost 4,000 units.

Throughout 2021 and 2022, in connection with new and existing investors, Korman expanded its portfolio in a number of new locations. AKA entered South Florida with Hotel AKA Brickell and AKA West Palm as well as Boston with Hotel AKA Back Bay and Hotel AKA Boston Common. AVE entered Texas, through AVE Austin North Lamar and AVE Dallas Las Colinas, Phoenix, through AVE Phoenix Terra and AVE Phoenix Sky and the west coast of Florida, through AVE Tampa Riverwalk. These two years marked an exciting time for Korman, as the expansion resulted in new corporate relationships and improved brand recognition throughout the country.

As part of the acquisition strategy for AKA, Korman invested in properties that required significant renovation capital – Hotel AKA Nomad and Hotel AKA Alexandria. For these projects, Korman partnered with renowned designer Pierro Lissoni for what would be his first two hotels in the United States. These renovations were praised nationally and recognized as finalists for Interior Design’s Best Hotel Renovation of 2023 – with Hotel AKA Alexandria wining the award.

While AKA prioritized renovation opportunities, Korman’s acquisitions for AVE included buying multifamily assets that were still under construction and needed an infusion of new capital. One of those acquisitions included AVE Phoenix Sky, which was finished by the RXR Korman construction teams. At the Arizona NAIOP Gala, AVE Phoenix Sky was named the Best Multifamily Project of the Year.

2023 was the year of awards, as Korman was not only recognized for their asset quality, but also management. Kinglsey, the real estate industry’s leading provider of resident satisfaction data, named AVE the #1 management company in the country!

Lastly, the fifth generation doubled in size in 2023 with Brad’s middle son Sam joining the operations team and Larry’s oldest son Alec starting up the data research team.