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| AvalonBay Communities Announces Development Completion in Boston, Massachusetts Area And Redevelopment Completion in Southern California |
ALEXANDRIA, Va., April 15 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; Pacific) announced the completion of development of Avalon Oaks West, located in the Boston, Massachusetts area, and the completion of redevelopment at Avalon at Media Center, located in Southern California. The development and redevelopment completion of Avalon Oaks West and Avalon at Media Center furthers the Company's strategy of more deeply penetrating its core markets through a broader range of products and services with an increased commitment to its customer. Avalon Oaks West, a luxury garden-style community containing 120 apartment homes, is located in Wilmington, Massachusetts a northern suburb of Boston, Massachusetts. With the completion of Avalon Oaks West, AvalonBay's presence in the Boston area increases to 12 communities with more than 2,900 apartment homes, including Avalon Oaks, a 204 garden-style community also located in Wilmington. This community will be permanently financed with tax-exempt bonds totaling approximately $17.4 million that will fully amortize over a 40-year term. The Company expects the bonds to be issued at a rate set in the second quarter of 2002. Avalon Oaks West was completed two months ahead of schedule at a total construction cost of $17.4 million and is currently 77.5% leased. Monthly average rents per home are approximately $1,640. Avalon at Media Center is a 748 apartment home community located just off the Ventura (134) Freeway in Burbank, California's "Media District." The Media District is home to four major film studios and a number of entertainment industry companies. The Warner Brothers Studio is located across the street, while the NBC Studios, The Disney Company and Universal Studios are within approximately one mile of the community. Redevelopment of Avalon at Media Center was completed on schedule at a total redevelopment cost, including the cost of acquisition, of approximately $76.1 million. The community is currently 94.1% leased and monthly average rents per home are approximately $1,150. Redevelopment efforts at Avalon at Media Center consisted of reconstruction of the leasing pavilion, construction of a new exercise facility and numerous exterior and interior improvements. Exterior improvements included roof replacement, painting, landscaping and pool repair, and interior improvements included new carpet, paint, appliances, cabinet faces, plumbing and the addition of washers and dryers in two and three bedroom homes. AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 141 apartment communities containing 41,191 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, 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.
