Elme Communities

The story of Elme Communities begins in 1960 when it was founded as Washington Real Estate Investment Trust (WashREIT), the very first Real Estate Investment Trust (REIT) in the United States. For decades, it operated with a diversified portfolio of office, retail, and multifamily properties primarily in the Washington D.C. metro area. A significant transformation began under the leadership of CEO Paul T. McDermott, who joined in 2013. The company identified an underserved segment in the rental market: the value-conscious, middle-income renter. This led to a major strategic pivot. In 2021, the company sold off most of its office and retail assets to concentrate almost exclusively on multifamily apartment homes. To signify this new focus and expansion into Sunbelt markets like Atlanta, the company underwent a major rebranding in October 2022. WashREIT became Elme Communities, a name blending "elevate" and "home," reflecting its new mission. The firm continued to trade on the NYSE, changing its ticker symbol to ELME. This transformation culminated in a final, decisive move. In February 2025, after a strategic review, Elme announced its plan to liquidate and dissolve the company. In August 2025, it reached an agreement to sell the majority of its portfolio to Atlanta-based Cortland for $1.6 billion, with the remaining assets to be sold off separately. McDermott stated that despite a successful transformation, market conditions didn't allow for the growth shareholders expected, leading to the decision to sell.