Three apartment REITs form technology company

Alexandria, Va.-based AvalonBay Communities Inc., Atlanta-based Post Properties Inc. and Richmond, Va.-based United Dominion Realty Trust, all of which are apartment REITS, have launched Realeum Inc., a company that its founders hope will allow apartment companies to use Web-based solutions to handle on-site operations.

The three companies initially invested approximately $7 million for product design, architecture, and software development and testing.

Realeum has also finalized $15 million in Series A funding from a syndicate of four firms that includes New York-based Venrock Associates, Washington, D.C.-based Carlyle Venture Partners, New York-based Internet Realty Partners and ABP-US Investments Inc.

Realeum's flagship product is Jvelon, a Web-based leasing and property management program. The company expects Jvelon to undergo pilot and beta testing in December.

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