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| AvalonBay Communities Announces Construction Completion of Two Luxury Apartment Communities |
ALEXANDRIA, Va., Jan. 18 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that it completed construction of two luxury apartment communities, Avalon on the Sound, located in New Rochelle, New York and Avalon Belltown, located in Seattle, Washington, during the fourth quarter of 2001. Avalon on the Sound, a luxury high-rise community containing 412 apartment homes, was developed in a joint venture partnership in which AvalonBay holds a 25% interest. Avalon on the Sound, conveniently located in downtown New Rochelle, New York adjacent to a Metro-North rail station, was completed approximately one month ahead of schedule for a total construction cost of $92.5 million. Monthly average rents per home are approximately $2,470. Avalon Belltown, a luxury mid-rise community containing 100 apartment homes, is conveniently located just two blocks from the Seattle waterfront, six blocks from the world-famous Pike Place Market and less than eight blocks from the downtown Seattle business and financial district. Avalon Belltown was completed on schedule at a total construction cost of $18.7 million, and monthly average rents per home are approximately $1,660. AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 139 apartment communities containing 40,602 apartment homes in eleven states and the District of Columbia, of which fifteen communities are under construction and three are under reconstruction. AvalonBay is in the business of developing, redeveloping, 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 .SOURCE AvalonBay Communities, Inc.
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CONTACT:
Bryce Blair, Chairman of the Board, Chief
Executive Officer and President, +1-703-317-4652, or Timothy J.
Naughton, Chief Operating Officer, +1-703-317-4620, both of
AvalonBay Communities, Inc.
