AvalonBay Communities Announces Construction Start in the Greater Boston, Massachusetts Region

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AvalonBay Communities Announces Construction Start in the Greater Boston, Massachusetts Region

    ALEXANDRIA, Va., July 16 /PRNewswire-FirstCall/ -- AvalonBay Communities,
Inc. (NYSE: AVB; PCX) announced today that it has begun construction of Avalon
at Newton Highlands, a luxury apartment community in the greater Boston
region.  The community will feature 294 apartment homes consisting of studios,
one-, two- and three-bedroom apartment homes in two, four-story mid-rise
buildings.  The buildings and landscaped courtyards will be constructed over
the underground parking garage which will be serviced by five elevators.
    The community is conveniently located in the retail and commercial
corridor along Needham Street in Newton, Massachusetts, and will be the first
new apartment community in the City of Newton in over 20 years.  The City of
Newton is well regarded for its excellent services and strong school system.
The community's location, approximately one mile east of Route 128, six miles
west of Downtown Boston and a half-mile from a subway station, provides future
residents with convenient commuting to major area employers.  Two of the
region's premier shopping malls along Route 9 are located a quarter-mile from
the community.
    Consistent with the Company's market penetration strategy, Avalon at
Newton Highlands will increase the Company's regional presence within one of
Boston's strongest submarkets in addition to increasing the diversity of
product offered by the Company in the greater Boston area.
    The total cost expected to complete construction of Avalon at Newton
Highlands is approximately $58.7 million.  Initial occupancy is expected in
the third quarter of 2003, and construction completion is expected in the
first quarter of 2004.  The monthly average stabilized rent per home is
expected to be approximately $2,355.
    Apartment home features will include fully applianced kitchens, nine-foot
ceilings, private patios or balconies, and full-size washers and dryers.
Optional amenities will include cherry kitchen cabinets, gas fireplaces and
lofts.  Residents will also enjoy many community amenities such as a
clubhouse, fully equipped fitness center, outdoor heated pool and spa, tot
lot, barbecue and picnic areas. Avalon at Newton Highlands residents will also
enjoy a multi-sport court, putting green, billiards room and resident lounge.

    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 .
    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 date 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 of the Board, President
and Chief Executive Officer, +1-703-317-4652, or Timothy J.
Naughton, Chief Operating Officer, +1-703-317-4620, both of
AvalonBay Communities, Inc.