|
|
| AvalonBay Communities Announces Construction Start in Long Island, New York |
ALEXANDRIA, Va., Sept. 9 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that it has begun construction of Avalon at Glen Cove South, a luxury mid-rise apartment community in Long Island, New York's Nassau County. The community, which will feature 256 apartment homes over structured parking, will include studio, one- and two-bedroom apartment homes on the first four floors and penthouse apartment homes on the fifth floor. Avalon at Glen Cove South is conveniently located on the North Shore of Long Island in downtown Glen Cove, New York approximately 27 miles from New York City and will be the first new luxury market rate rental apartment community developed on Nassau County's North Shore in over 25 years. Access to transportation is excellent, with both the Long Island Railroad station and the high-speed ferry service to Lower Manhattan located within a half mile of the community. Two bus stops are also located within walking distance, and LaGuardia International Airport is a thirty-minute drive from the community. Residents will also enjoy the convenience of dining and other amenities, including downtown Glen Cove's numerous restaurants, shopping alternatives and nearby golf courses and beaches. The total cost expected to complete construction of Avalon at Glen Cove South is approximately $62.0 million. Initial occupancy is expected in the first quarter of 2004, and construction completion is expected in the second quarter of 2004. The monthly average stabilized rent per home is expected to be approximately $2,825. Apartment home features will include fully applianced kitchens, full-size washers and dryers and walk-in closets. The penthouse apartments will also include granite kitchen countertops, stainless steel appliances and gas burning fireplaces. Residents will also enjoy many community amenities such as a clubhouse, fully equipped fitness center, business center, media room, billiards room, and outdoor heated pool. 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.
