AvalonBay Communities combined with Equity Residential to form Vivmark Residential, which now trades on the New York Stock Exchange under the ticker VMRK. An SEC filing lists more than 184,000 rental apartments in the combined portfolio, along with more than 11,100 apartments under construction.
If you're comparing other ways to access residential real estate, the available structures include property-specific fractional ownership, private real estate funds, and publicly traded apartment REITs. Each model differs in ownership structure, property selection, distribution schedules, liquidity, and tax reporting.
Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.
Key Takeaways
mogul provides property-specific access through investment-club interests associated with individually selected residential properties
Fundrise uses pooled private funds that hold multiple real estate assets and strategies
Arrived, Ark7, and Lofty use property-level models that allow investors to select individual real estate offerings
Vivmark Residential is the successor to AvalonBay and Equity Residential, providing public-market exposure to a large apartment portfolio
Essex, UDR, MAA, and Camden remain publicly traded apartment REITs, each with a different geographic footprint and portfolio strategy
Why Compare AvalonBay Alternatives?
AvalonBay historically provided public-market exposure to a large apartment portfolio. Following its combination with Equity Residential, that company-level exposure now sits within Vivmark Residential.
Publicly traded REITs provide exchange-traded shares representing interests in real estate companies and their broader portfolios. Property-specific platforms use a different structure by associating investments with identifiable properties or property-level entities, while private funds pool capital across multiple assets.
Tax reporting can also vary by structure. The IRS explains rental property depreciation and other tax considerations associated with income-producing residential real estate. Property-level LLC structures may allocate certain real estate tax items through partnership reporting, depending on the specific structure and individual circumstances.
The main structures in this comparison include:
Property-specific ownership: Interests associated with identifiable residential properties or property-level entities
Private real estate funds: Pooled exposure across multiple properties and strategies
Public apartment REITs: Exchange-traded shares representing exposure to company-wide apartment portfolios
Secondary marketplaces: Platform-specific systems for eligible property-share trading
Professional management: Operating teams handling leasing, maintenance, resident coordination, and property administration
1) mogul
Investment Model: Property-specific fractional residential real estate
Distribution Frequency: Generally monthly once a property is operational and has distributable net rental income
Average Annual Return: 18.8% average return, measured as IRR
mogul was founded by former Goldman Sachs real estate professionals. The team has more than $10 billion experience in real estate investing, and Less than 1% of reviewed properties pass the full diligence process.
The platform uses property-specific investment-club structures that let you review individual residential properties and select the assets represented in your portfolio. mogul has $90 million in assets, more than 40,000 users, an 18.8% average annual return measured as IRR, and a 2.6% record monthly yield.
Investment Model
Each property is associated with its own property-level ownership structure. Members receive fractional interests associated with identifiable residential assets rather than exposure solely through a company-wide real estate portfolio.
The model can include:
Monthly rental income distributions once a property is operational and has distributable net rental income
Property-level reporting covering the individual residential assets represented in a portfolio
Governance rights proportional to supported ownership decisions
Professional property operations across leasing, maintenance, and resident or guest coordination
Key Features
Institutional underwriting: Market research, property-level analysis, inspections, acquisition review, and investment-committee review support property selection
Property-specific access: Members select individual residential properties
Monthly distributions: Distributable net rental income is generally processed monthly
Blockchain-supported records: Ownership records can be supported through blockchain infrastructure
First-year protection: Qualifying new members can receive up to $10,000 loss protection, subject to the promotion terms
Property Focus
mogul's residential offerings can use several operating strategies:
Short-term rentals: Properties designed for shorter guest stays
Mid-term rentals: Properties serving longer temporary stays
Long-term rentals: Properties using traditional residential leases
The fractional real estate model combines individual property selection with professional property operations and digital administration.
AvalonBay Comparison
AvalonBay historically provided company-level exposure through publicly traded shares representing a broad apartment portfolio. mogul provides property-level access, allowing members to select fractional interests associated with individual residential properties.
The structures also use different distribution and ownership frameworks. mogul generally processes distributable rental income monthly once properties are operational, while public apartment REITs distribute dividends through their company-level structures.
2) Fundrise
Investment Model: Private real estate funds
Liquidity Structure: The Flagship Fund uses quarterly withdrawal windows
Fundrise provides pooled private real estate exposure through funds that hold multiple underlying assets. Its Flagship Fund includes single-family rental homes and industrial real estate.
Key Features
Private fund structure: Capital is pooled across multiple underlying assets
Residential exposure: Fund holdings include single-family rental homes
Industrial exposure: The Flagship Fund also includes industrial facilities
Quarterly withdrawals: The Flagship Fund uses a quarterly withdrawal process
Portfolio-level ownership: Investors participate through fund interests rather than selecting individual properties
AvalonBay Comparison
Fundrise and AvalonBay both provide portfolio-level real estate exposure, but their market structures differ. Fundrise primarily uses private funds, while AvalonBay historically used publicly traded REIT shares before becoming part of Vivmark Residential.
If you're comparing the two models, the primary distinction is private fund ownership versus exchange-traded company shares.
3) Arrived
Investment Model: Fractional rental properties and real estate funds
Distribution Frequency: Monthly for income-producing individual properties and supported funds
Secondary Market: Monthly trading windows for eligible individual-property shares
Arrived provides individual rental-property offerings alongside real estate fund products. Individual-property offerings allow investors to select identifiable single-family and vacation-rental properties.
Key Features
Individual-property selection: Investors can select specific rental-property offerings
Single-family rentals: Offerings include residential rental homes
Vacation rentals: The platform also includes vacation-rental properties
Monthly distributions: Income-producing individual properties use a monthly dividend schedule
Secondary market: Eligible individual-property shares can be listed during monthly trading windows after the applicable holding period
AvalonBay Comparison
Arrived uses property-level and fund-based structures, while AvalonBay historically provided public-market exposure through company shares representing a broader apartment portfolio.
Arrived's individual-property offerings provide visibility into the specific residential assets associated with an investment.
4) Ark7
Investment Model: Fractional rental-property ownership
Distribution Frequency: Monthly
Secondary Market: Eligible shares can trade through the PPEX ATS after the applicable holding period
Ark7 provides fractional shares associated with individual rental properties, including single-family homes and multifamily properties.
Key Features
Property selection: Investors can review and select individual rental properties
Monthly distributions: Rental income distributions are processed on a monthly schedule
Property-level entities: Individual properties use separate ownership structures
Secondary trading: Eligible shares can access the PPEX ATS after the initial holding period
Property reporting: Operating information is provided at the property level
AvalonBay Comparison
Ark7 provides property-specific fractional interests, while AvalonBay historically provided company-level exposure through publicly traded REIT shares.
The distinction is between selecting individual rental-property interests and owning shares representing a broader apartment portfolio.
5) Lofty
Investment Model: Fractional property ownership
Distribution Frequency: Daily rental-income credits
Marketplace: 24/7 property-share exchange
Lofty provides fractional interests in individual rental properties through property-level LLC structures. Its marketplace includes single-family, multifamily, vacation-rental, and commercial properties.
Key Features
Property-specific ownership: Each property is associated with its own LLC
Daily rental income: Rental income is credited on a daily schedule when a property is producing rent
Property marketplace: Eligible shares can be listed through Lofty's exchange
Multiple property types: Offerings span residential and commercial real estate
Property voting: Owners can participate in supported property-level decisions
AvalonBay Comparison
Lofty provides property-level fractional interests and a property-share marketplace. AvalonBay historically provided public-market exposure through company shares representing a large apartment portfolio.
The structures therefore differ in the level at which ownership and property selection occur.
6) Vivmark Residential
Investment Model: Publicly traded apartment REIT
Ticker: NYSE: VMRK
Portfolio: More than 184,000 rental apartments, with more than 11,100 apartments under construction
Vivmark Residential is the company created through the combination of AvalonBay Communities and Equity Residential. It is included here as AvalonBay's direct successor and the current public-market continuation of the combined apartment portfolios.
Key Features
Publicly traded structure: Shares trade on the New York Stock Exchange
Large apartment portfolio: The combined company owns more than 184,000 rental apartments
Development pipeline: More than 11,100 apartments are under construction
Multifamily focus: The portfolio centers on apartment communities across major U.S. markets
AvalonBay Comparison
Vivmark is the successor to AvalonBay rather than a separate fractional or private-market alternative. Former AvalonBay assets now sit within the larger combined company alongside the former Equity Residential portfolio.
For readers researching AvalonBay today, Vivmark provides the most direct continuation of its public REIT structure.
7) Essex Property Trust
Investment Model: Publicly traded apartment REIT
Geographic Focus: Southern California, Northern California, and the Seattle metropolitan area
Essex Property Trust owns and operates apartment communities concentrated in major West Coast markets.
Key Features
West Coast portfolio: Properties are concentrated in California and the Seattle metropolitan area
Publicly traded shares: Essex trades on the New York Stock Exchange
Apartment focus: The portfolio centers on multifamily residential communities
Quarterly dividends: Common-stock dividends follow a quarterly schedule
AvalonBay Comparison
Essex and the former AvalonBay both use publicly traded apartment REIT structures. Essex has a more concentrated West Coast footprint, while AvalonBay's legacy portfolio covered a broader mix of metropolitan markets.
Both structures provide company-level exposure rather than property-by-property selection.
8) UDR
Investment Model: Publicly traded apartment REIT
Geographic Footprint: 21 U.S. markets
UDR owns, operates, acquires, develops, and redevelops apartment communities across a diversified group of U.S. markets, including major urban and suburban locations.
Key Features
National apartment portfolio: Communities span 21 markets
Publicly traded structure: UDR shares trade publicly
Urban and suburban exposure: Properties are located across several types of residential markets
Development and acquisitions: The company grows its portfolio through development, redevelopment, and acquisitions
AvalonBay Comparison
UDR and the former AvalonBay both provide public-market exposure to diversified apartment portfolios.
The main differences are their individual market footprints, property portfolios, and operating strategies.
9) Mid-America Apartment Communities
Investment Model: Publicly traded apartment REIT
Geographic Focus: Primarily Sunbelt U.S. markets
Mid-America Apartment Communities, or MAA, owns more than 104,000 apartment homes across 16 states and the District of Columbia. Its portfolio is primarily concentrated across Sunbelt markets.
Key Features
Sunbelt portfolio: Communities are concentrated across Southern and Southwestern markets
Large apartment footprint: The company has ownership in more than 104,000 apartment homes
Publicly traded structure: MAA shares trade on the New York Stock Exchange
Development activity: The company develops and redevelops apartment communities alongside its operating portfolio
Quarterly dividends: Common-share dividends follow a quarterly schedule
AvalonBay Comparison
MAA and the former AvalonBay both operate large publicly traded apartment portfolios. MAA's footprint is primarily concentrated in Sunbelt markets, while AvalonBay's legacy portfolio included a larger coastal-market component.
Both provide company-level exposure through REIT shares.
10) Camden Property Trust
Investment Model: Publicly traded multifamily REIT
Portfolio: 168 properties containing 56,995 apartment homes
Camden Property Trust owns, manages, develops, redevelops, acquires, and constructs multifamily apartment communities across the United States.
Key Features
Multifamily portfolio: Camden owns and operates apartment communities across multiple U.S. markets
Publicly traded structure: Camden is structured as a publicly traded REIT
Development capabilities: The company develops and redevelops multifamily communities
Property operations: Camden manages its apartment portfolio through an integrated operating platform
AvalonBay Comparison
Camden and the former AvalonBay both provide public-market multifamily real estate exposure through REIT shares.
Their differences are primarily in portfolio size, market concentration, and the specific communities held within each company-level portfolio.
Why mogul Stands Out Among AvalonBay Alternatives
When comparing alternatives to AvalonBay's traditional REIT structure, mogul combines institutional real estate experience, property-specific selection, professional management, monthly income, and first-year loss protection.
Goldman Sachs Pedigree
mogul was founded by former Goldman Sachs real estate professionals with more than $10 billion experience in real estate investing.
That experience supports a rigorous property-selection process covering market research, property-level underwriting, acquisition analysis, inspections, and investment-committee review. Less than 1% of reviewed properties pass the full diligence process.
Monthly Income
Once a property is operational and generates distributable net rental income, mogul generally processes distributions monthly based on property performance and ownership interests.
This property-level distribution model differs from the company-level dividend structure used by publicly traded apartment REITs.
Property-Level Tax Benefits
mogul's property-specific investment-club structure can provide members with property-level tax reporting, including applicable depreciation allocations through the ownership entity.
The specific tax treatment depends on the property, ownership structure, and individual circumstances.
Transparency and Control
mogul members select individual properties after reviewing information such as:
Property addresses and locations
Operating assumptions
Market analysis and comparables
Property-level financial information
This gives members visibility into the individual residential assets represented in their portfolios rather than only company-wide portfolio exposure.
Track Record
mogul has an 18.8% average annual return, measured as IRR, along with a 2.6% record monthly yield.
The platform also has $90 million in assets, 40,000+ users, and more than $10 billion in real estate investing experience across the team.
Investor Alignment
mogul invests alongside members in properties offered through the platform, aligning its capital with the residential assets available to the community.
Qualifying new members can also receive up to $10,000 loss protection for qualifying investments made during their first seven days. If the combined total return on those qualifying investments is negative after one year, mogul covers eligible losses of up to $10,000 using its own balance-sheet capital, subject to the applicable promotion terms.
For members who want property-specific residential real estate without managing leasing, maintenance, or day-to-day operations themselves, mogul combines professional management with a seamless investment process.
Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.
Frequently Asked Questions
What happened to AvalonBay Communities?
AvalonBay Communities combined with Equity Residential to create Vivmark Residential, which now trades under the ticker VMRK. The combined company includes the former AvalonBay and Equity Residential apartment portfolios, so Vivmark is the current public-market successor for readers researching AvalonBay.
How do public REITs differ from property-specific fractional structures?
Public REITs provide exposure through exchange-traded company shares representing a broader real estate portfolio, while property-specific fractional structures associate ownership interests with individual properties or property-level entities. mogul uses property-specific investment-club interests that allow members to select the residential properties represented in their portfolios.
Which AvalonBay alternatives let you select individual properties?
mogul, Arrived, Ark7, and Lofty provide forms of individual-property selection. Their legal, distribution, and liquidity structures differ, but each provides visibility into identifiable real estate rather than only company-level portfolio exposure.
How are mogul properties managed after investment?
mogul coordinates professional property management for leasing, resident or guest communication, maintenance, and day-to-day property operations. Once a property is operational and generates distributable net rental income, members generally receive monthly distributions based on the property's performance and their ownership interests.
How does liquidity differ across these real estate structures?
Public REIT shares trade on national stock exchanges, while fractional and private real estate platforms use their own liquidity frameworks. Arrived uses scheduled monthly trading windows for eligible individual-property shares, Ark7 provides secondary trading for eligible shares after an initial holding period, Lofty operates a property-share exchange, and mogul's primary model is centered on property-level ownership and the underlying investment lifecycle.