ALEXANDRIA, Va., Oct. 17 /PRNewswire/ -- AvalonBay Communities, Inc.
(NYSE: AVB) announced that it began construction on three new luxury apartment
communities during the third quarter and began construction on an additional
luxury apartment community this month. Two of the communities, to be known as
Avalon Towers on the Peninsula and Avalon at Westpark, are located in the San
Jose, California area, and the remaining two communities, to be known as
Avalon Harbor and Avalon Belltown, are located in the Fairfield-New Haven,
Connecticut and Seattle, Washington areas, respectively. The construction
completion of these communities will provide further penetration into four of
AvalonBay's 19 core markets.
Costs to complete Avalon Towers on the Peninsula, Avalon at Westpark,
Avalon Harbor and Avalon Belltown in the aggregate are expected to be
approximately $195.3 million with construction completion of each of the four
communities expected during 2002. Expected monthly average leased rents per
home for Avalon Towers on the Peninsula, Avalon Westpark, Avalon Harbor and
Avalon Belltown are approximately $3,115, $2,680, $2,192 and $1,939,
respectively.
Commenting on the construction start of these four communities, Bryce
Blair, President and Chief Operating Officer, noted, "The start of these four
mid-rise and high-rise communities is further evidence of the strength of
AvalonBay's development pipeline and our commitment to more deeply penetrate
our chosen core markets."
Avalon Towers on the Peninsula, located in the San Jose, California area,
will feature 211 apartment homes in two 11-story high-rise buildings. The
site is located within a mixed-use planned community in the heart of Silicon
Valley and marks the first Class A, view-oriented luxury apartment community
to be built in the Bay Area's Lower Peninsula within the last 35 years. The
site enjoys close proximity to Stanford University, Palo Alto and Los Altos,
as well as numerous shops and restaurants and a variety of recreational
activities including golf, hiking and biking trails, concert halls and
performing arts centers and spas. Avalon Towers on the Peninsula is
conveniently located along El Camino Real, the major north-south thoroughfare
of the San Francisco peninsula, and provides easy access to major highways
including Highways 101, 280, 85 and 237. Passenger-oriented transportation
such as the VTA Light Rail and Cal Train are also easily accessible, and some
of the country's top technology firms are only minutes away.
Avalon at Westpark, located in the San Jose, California area, will feature
218 apartment homes in seven, low to mid-rise buildings ranging from two to
four stories. The site is located on The Alameda, the historic gateway to
downtown San Jose. Avalon Westpark will be within walking distance of mass
transit, downtown office buildings, restaurants, museums and the San Jose
Sports Arena. Additionally, the community will have approximately 7,000
square feet of retail fronting The Alameda.
Avalon Harbor, located in the Fairfield-New Haven, Connecticut area, will
consist of 323 apartment homes in two four-story mid-rise buildings. The site
has an excellent waterfront location with convenient access to a public
boardwalk, marina and fishing pier. The site also provides easy access to the
Stamford Train Station, LaGuardia and JFK Airports and the Metro North
commuter service. Interstate 95 is within just one mile from the site, and
the Merritt Parkway is within five miles of the site.
Avalon Belltown, located in the Seattle, Washington area, will consist of
100 apartment homes in one five-story mid-rise building. The site is located
just two blocks from the Seattle waterfront, six blocks from the world-famous
Pike Place Market and three blocks from the Seattle Center and Key Arena. The
site, with views of Puget Sound and the Olympic Mountains, is among many
restaurants and boutique shops and is less than eight blocks from the downtown
Seattle business and financial district.
Standard features at each of these communities will include high-speed
Internet access, fully applianced kitchens, full-size washers and dryers and
walk-in closets. Additional features available at select communities will
include private balconies or terraces, gas burning fireplaces and lofts or
dens. Among the many community amenities residents will enjoy are a state-of-
the-art fitness center and clubhouse. Residents of Avalon Towers on the
Peninsula, Avalon Harbor and Avalon Westpark will also enjoy a resident
business center with conference room, outdoor swimming pool and picnic areas.
About AvalonBay Communities, Inc.
AvalonBay Communities, Inc., headquartered in Alexandria, Virginia,
currently owns or holds an ownership interest in 133 apartment communities
containing 38,977 apartment homes in 12 states and the District of Columbia.
AvalonBay is in the business of developing, redeveloping, and acquiring and
managing luxury apartment communities in high barrier-to-entry markets of the
United States. More information on AvalonBay may be found on AvalonBay's Web
site at http://www.avalonbay.com .
This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The forward-looking statements
contained in this release are statements that involve risks and uncertainties,
including, but not limited to, changes in the demand for apartment homes, the
effects of economic conditions, the impact of competition and competitive
pricing, the effects of the Company's accounting policies and other matters
detailed in the Company's filings with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 1999 under the heading "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Forward-Looking Statements."
Because of these risks and uncertainties, the cost of construction, the
anticipated stabilized rents of the community and the anticipated completion
dates described in this release may be different than currently anticipated by
the Company.
SOURCE AvalonBay Communities, Inc.
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Related links:
http://www.avalonbay.com
CONTACT:
Dick Michaux, Chairman and Chief Executive
Operating Officer, or Bryce Blair, President and Chief Operating
Officer, both of AvalonBay Communities, Inc., 703-317-4652
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