|
|
| AvalonBay Communities Announces Construction Start In the Greater Boston, Massachusetts Region |
ALEXANDRIA, Va., Aug. 27 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that it has begun construction of Avalon at Stevens Pond, a luxury apartment community in the greater Boston region. The community will feature 326 homes consisting of 240 one-, two- and three- bedroom stacked flat apartments and 86 two-bedroom townhomes with garages. The community is conveniently located in Saugus, Massachusetts within the North Shore/Route 1 submarket of greater Boston, and will be the first new apartment community in Saugus in over 25 years. The community's proximity to Route 1 and the commuter rail, and its location eight miles north of Downtown Boston and seven miles north of Logan International Airport, will provide future residents with convenient access to downtown Boston and other major employment centers. Residents will also enjoy a short drive to the North Shore beaches and excellent access to a full range of retail outlets, including a large grocery store and regional shopping mall adjacent to the community. The total cost expected to complete construction of Avalon at Stevens Pond is approximately $55.4 million. Initial occupancy is expected in the second quarter of 2003, and construction completion is expected in the second quarter of 2004. The monthly average stabilized rent per home is expected to be approximately $1,875. Apartment home features will include fully applianced kitchens and full- size washers and dryers. Optional amenities will include lofts, gas-burning fireplaces, storage units and interior garages. Residents will also enjoy many community amenities such as a clubhouse, fully equipped fitness center, half-court basketball court, outdoor heated pool and spa, outdoor multi-sport court, tot lot and barbecue and picnic areas. AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 146 apartment communities containing 42,914 apartment homes in eleven states and the District of Columbia, of which thirteen communities are under construction and one community is 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.
back to topRelated links:
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.
