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| AvalonBay Communities Announces Recent Acquisitions |
ALEXANDRIA, Va., June 24 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that the Company acquired two apartment communities, Avalon at Greyrock located in Stamford, Connecticut, and The Promenade located in Burbank, California. The acquisition of both communities furthers the Company's market penetration strategy in two of its high-barrier markets. Avalon at Greyrock was acquired in connection with a forward purchase agreement for an aggregate acquisition price of $69.9 million. This presale community has been under contract since 1997 and was completed according to plans and specifications approved and overseen by AvalonBay. Acquisition of the asset by AvalonBay occurred approximately 150 days after final certificate of occupancy. The acquisition of Avalon at Greyrock increases AvalonBay's presence in the Stamford market, and the highrise community adds to the diversity of product offered by AvalonBay within the market. The community consists of 306 one- and two-bedroom apartment homes in a 14-story highrise building and is conveniently located in downtown Stamford, Connecticut adjacent to Avalon Grove. Stamford has a diverse employment base, is home to numerous Fortune 500 companies and offers convenient commuting access to New York City. The Promenade was acquired for a price of $70.3 million and includes $33.9 million of low-floater tax-exempt financing. Located in Burbank, within four miles of Avalon at Glendale Court and Avalon at Media Center, the acquisition of The Promenade increases the Company's presence in the Los Angeles area, consistent with its market penetration strategy. Additionally, management believes potential upside exists through operational and physical enhancements. The community, built in 1988, features 400 one-, two- and three-bedroom apartment homes in two- and three-story wood-frame buildings over subterranean parking and is conveniently located in Burbank, approximately 12 miles northwest of downtown Los Angeles in the southeastern San Fernando Valley. The Promenade provides excellent access to transportation with easy access to Interstate 5, the Golden State Freeway, and State Route 134, the Ventura Freeway. Additionally, The Promenade is within walking distance of downtown Burbank, currently benefiting from a major revitalization effort, four blocks east of the newly redeveloped Metrolink train station and 15 minutes south of the Burbank-Glendale-Pasadena airport. Burbank offers residents numerous employment opportunities, particularly in the entertainment industry. Major employers include Warner Brothers, Disney, NBC and Nickelodeon. About AvalonBay Communities, Inc. AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 145 apartment communities containing 42,619 apartment homes in eleven states and the District of Columbia, of which sixteen communities are under construction and two 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.
