SEATTLE, WA—Thursday, Oct. 23, 2025 (GLOBE NEWSWIRE) -- As Avenue5 Residential continues to expand and strengthen its position in the multifamily industry, the company today announced a leadership advancement reflecting its ongoing growth and the strategic progression of its leadership team. Chief Operations Officer Steve Davis will be departing to pursue an opportunity with Investors Capital Group (ICG), a leading real estate investment and portfolio management firm. Executive Vice President Jeff Krohn has been appointed to succeed him as Chief Operations Officer.
“This shift comes at a pivotal time for Avenue5 and reflects both continuity and growth,” said Walt Smith, Chief Executive Officer of Avenue5. “Steve has been instrumental in building the strong operational foundation that has fueled Avenue5’s success over the past decade, and we are deeply appreciative of his leadership, insight, and partnership. We are equally confident in Jeff’s proven expertise and deep understanding of our business as he takes on this expanded role.”
Between now and the end of the year, Steve and Jeff will work closely together to ensure a seamless handoff and maintain the company’s high standards of service and performance.
Jeff has worked alongside Steve and the executive team throughout his four-year tenure with the company. He brings more than 20 years of multifamily leadership experience spanning property operations, client relations, and organizational strategy. Before joining Avenue5, he founded and led his own property management company, gaining firsthand experience building and scaling high-performing operations and client services. In his new role as Chief Operations Officer, Jeff will continue to drive Avenue5’s operational excellence and performance initiatives across its expanding national footprint.
“I am honored to step into this role and build upon the strong foundation that Steve and our teams have established,” said Krohn. “Avenue5’s mission and momentum are unmatched in the industry, and I look forward to advancing our operational strategies and continuing to deliver outstanding results for our clients and residents.”
Walt added, “We are grateful to Steve and look forward to continuing to work with him through our long-standing relationship with ICG and his continued partnership in Avenue5. We are confident in Jeff’s ability to lead Avenue5 into its next chapter. This planned succession represents a thoughtful and positive progression for our organization, positioning us for continued success, exceptional portfolio performance, and service excellence for the decade ahead and beyond.”
About Avenue5 Residential
Avenue5 Residential, a multifamily property management services firm, manages 150,000 units across 22 states and Washington, D.C. The company is ranked eighth among the top property managers on the NMHC Top 50 Managers List and has been recognized by multiple organizations as a top workplace. Avenue5 serves a wide range of institutional and private owners, investors, developers, and equity partners, providing comprehensive property management, asset optimization, and resident experience solutions designed to drive performance and enhance value.
For additional information, please visit: Avenue5.com
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