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AvalonBay Builds More Affordable Housing With Better Planning
Technology Category
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Functions
- Business Operation
- Facility Management
Services
- Software Design & Engineering Services
- System Integration
The Challenge
AvalonBay assesses investment opportunities in the field but lacked a central tool to capture the high level of detail involved in each assessment. Development decisions were based on memory, incomplete information, and gut-feel, leading to lost opportunities and risky investments. Risky decisions could put the company’s share price at risk, along with affordable housing plans for those in need.
About The Customer
AvalonBay Communities, Inc. is an Equity REIT (NYSE: AVB) in the business of developing, redeveloping, acquiring, and managing multifamily communities. With revenues of $2 billion and headquartered in Arlington, VA, AvalonBay is a significant player in the real estate and property management industry. The company is committed to creating a better way to live by focusing on affordable housing and community development. AvalonBay employs over 1,000 people and uses existing software like PeopleSoft - ERP to manage its operations, including budgeting, planning, and forecasting.
The Solution
A centralized database was created to serve as a single source of up-to-date information, accessible from both headquarters and the field. An Excel user interface was implemented to make it easy to enter over 500 line item details, covering everything from land leases to appliance costs. Vena’s scalability and ease-of-use allowed 650 employees to start using the software immediately. This solution provided AvalonBay with total visibility into their investments, significantly reducing risks in each development decision. Financials are always up to date, enabling ongoing pro forma analysis. Investment decisions are now based on timely, accurate data, allowing AvalonBay to focus on its mission to create a better way to live.
Operational Impact
Quantitative Benefit
