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| AvalonBay Communities Announces Redevelopment Completion in Stamford, Connecticut |
ALEXANDRIA, Va., July 18 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced the completion of redevelopment of Avalon Bedford (formerly known as Avalon Terrace) located in Stamford, Connecticut. This high-rise community consists of 368 apartment homes and approximately 14,000 square feet of commercial space. Redevelopment of Avalon Bedford was completed on schedule at a total redevelopment cost, including the cost of acquisition, of approximately $60.9 million. The community is currently 93.0% leased, and average rents per home are approximately $1,695. Avalon Bedford presented an attractive redevelopment opportunity due to the community's downtown/in-fill location with high drive-by visibility, and the redeveloped community broadens AvalonBay's portfolio within the Stamford market. Redevelopment efforts at Avalon Bedford consisted of exterior improvements, updating of the amenities and interior improvements. Exterior renovation included brick repairs, replacement of all windows, enhancement of exterior breezeways, balcony repairs and improved landscaping. Community amenities were updated with construction of a new leasing center, fitness facility, community room and business center in addition to the renovation of the existing pool. Interior renovations consisted of lobby upgrades, new elevator cabs and extensive renovations of apartment homes. All apartment homes received renovated kitchens with new appliances, new bathrooms and new carpeting, doors, light fixtures, dishwashers, air conditioners and modern cable television and phone systems. Avalon Bedford was redeveloped through a joint venture with a third party institutional investor. The Company has a 25% interest in the joint venture, but may receive as a promotional interest 50% of all returns in excess of an agreed upon hurdle rate of return. 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.
