AIR Communities, formerly Apartment Income REIT Corp., is a multifamily real estate company that owns and operates rental housing communities across the United States. The company was formed in 2020 and operated as a publicly traded REIT (NYSE: AIRC) until June 2024, when Blackstone Real Estate Partners X completed its privatization of the company in an all-cash transaction valued at $10 billion, including debt. Headquartered in Denver, Colorado, AIR Communities focuses on coastal markets apartment homes located in 10 states and the District of Columbia. Primary markets include Miami, Los Angeles, Boston, and Washington D.C. The company operates under a business model centered on resident selection, satisfaction, and retention, coupled with property management practices designed to drive organic growth. Following the Blackstone acquisition, the private equity firm committed to investing more than $400 million to maintain and improve the existing portfolio. AIR Communities is now owned by Blackstone and operates as a private entity with a focus on multifamily rental housing in markets where apartment demand generates continued growth.