AvalonBay Communities Announces Construction Start of Luxury Apartment Communities in Southern California and Washington, DC

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AvalonBay Communities Announces Construction Start of Luxury Apartment Communities in Southern California and Washington, DC
    ALEXANDRIA, Va., April 29 /PRNewswire-FirstCall/ -- AvalonBay Communities,
Inc. (NYSE: AVB; Pacific) announced today that the Company began construction
of Avalon at Glendale Court, located in Southern California, and Avalon at
Grosvenor Station, located in the Washington, DC area, during the first
quarter of 2002.
    Avalon at Glendale Court, located in Glendale, California in the Los
Angeles area, will be the first new apartment community built in Glendale in
over a decade.  The pedestrian oriented community will offer lower density
living than typically available in the surrounding market and will feature 223
apartment homes situated in three-story, wood-framed walk-up buildings over
two levels of parking.  Available apartment homes will consist of two- and
three-bedroom townhomes over one- and two-bedroom flats.
    Glendale is the third largest city in Los Angeles County and features a
diverse economy with a strong presence in the entertainment, financial, health
care and consumer goods industries.  Major employers such as Disney, NBC,
Nestle USA and Cigna Health are minutes from the community.  In addition to
the numerous employers located nearby in Glendale/Burbank, employment
opportunities are also available in downtown Los Angeles, located 11 miles
south of the community via the I-5 freeway.
    The cost to complete construction of Avalon at Glendale Court is expected
to be approximately $40.4 million with initial occupancy expected to occur in
the second quarter of 2003 and construction completion expected during the
first quarter of 2004.  The monthly average stabilized rent per home is
expected to be approximately $2,480.
    Avalon at Grosvenor Station, located in North Bethesda, Maryland,
immediately adjacent to the Grosvenor Metro Station, will feature 499 one-,
two- and three-bedroom apartment homes in ten four- and five-story mid-rise
buildings.
    In addition to its close proximity to the Grosvenor Metro Station, located
on the red line, the community is within a half mile of the Beltway and
adjacent to Rockville Pike (Route 355), a major north-south artery running
through Montgomery County from Washington, DC.  Major employers, such as the
National Institutes of Health, Marriott, Lockheed Martin and Loral are located
within a few miles.  Numerous shopping and dining alternatives are also nearby
in Downtown Bethesda and along Rockville Pike.
    The community is owned by a DownREIT partnership, of which AvalonBay is
the general partner and Potomac Investment Properties, Inc. ("PIP, Inc.") of
Washington, DC is a minority limited partner.  The total budgeted capital cost
of Avalon at Grosvenor Station, which shall be funded by AvalonBay, is
expected to be approximately $82.3 million, including all land acquisition
costs.
    Initial occupancy is expected to occur in the third quarter of 2003 with
construction completion expected during the fourth quarter of 2004.  The
monthly average stabilized rent per home is expected to be approximately
$1,695.
    Apartment home features at both communities will include designer
finishes, crown molding, walk-in closets and full size washers and dryers.
Additional apartment home features may also include ceiling fans and private
patios or balconies.  Residents of both communities will also enjoy many
community amenities such as a fully equipped fitness center and an outdoor
swimming pool with spa or sun deck.  Avalon at Grosvenor Station residents
will also enjoy a telecommuting center, resident lounge and hiker/biker
trails.  Both communities will offer parking with Avalon at Glendale Court
parking provided via a two-level subterranean parking garage.  Avalon at
Grosvenor Station parking will be provided via a central, controlled access
four-story parking garage with bridges connecting to nine of the buildings,
offering most residents drive-up access to each level of apartment homes.  The
tenth building will contain one level of underground parking.

    About AvalonBay Communities, Inc.
    AvalonBay Communities, Inc.'s strategy is to more deeply penetrate its
core markets through a broader range of products and services with an
increased commitment to its customer.  The Company, 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 .

    Forward-Looking Statements
    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, 2001 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 number of apartment homes, cost
of construction, anticipated stabilized rents, anticipated date of initial
occupancy and the anticipated completion dates described in this release may
be different than currently anticipated by the Company.
SOURCE AvalonBay Communities, Inc.
http://www.avalonbay.com
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.