In its second-quarter 2025 investor letter, Baron Real Estate Fund highlighted stocks such as AvalonBay Communities, Inc. (NYSE: AVB ). AvalonBay Communities, Inc. (NYSE:AVB) is an equity REIT that develops, redevelops, acquires, and manages apartment communities. The one-month return of AvalonBay Communities, Inc. (NYSE:AVB) was -8.95%, and its shares lost 12.18% of their value over the last 52 weeks. On August 1, 2025, AvalonBay Communities, Inc. (NYSE:AVB) stock closed at $184.44 per share, with a market capitalization of $26.456 billion.