AvalonBay Communities Announces Construction Completion of Luxury Apartment Community in Washington, DC Area

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AvalonBay Communities Announces Construction Completion of Luxury Apartment Community in Washington, DC Area

    ALEXANDRIA, Va., Oct. 17 /PRNewswire-FirstCall/ -- AvalonBay Communities,
Inc. (NYSE: AVB; PCX) announced today that it has completed construction of
Avalon at Arlington Square II, the second phase of a two-phase community in
Arlington, Virginia.
    The completion of Avalon at Arlington Square II, which consists of 332
apartment homes, brings the total for the combined community to 842 homes.
The second phase was completed for a total construction cost of $42.6 million.
Avalon at Arlington Square II is currently approximately 63% leased and is
expected to achieve stabilized operations in the second quarter of 2003.
Average monthly rents per home are $1,730.
    Avalon at Arlington Square II combines traditional design features with
the latest amenities, offering residents luxury living in a pedestrian-
friendly setting.  The community represents the only new garden-style product
in Arlington, Virginia, and many of the apartments include upgraded interior
finishes such as upgraded cabinetry and window coverings, ceramic tile kitchen
floors and backsplashes, and crown molding, further differentiating the
product.  Avalon at Arlington Square II is conveniently located two miles from
the 14th Street Bridge leading into Washington, DC.  In addition, major
commuting arteries, including Interstate 395, Glebe Road, Route 1 and the
George Washington Parkway, are accessible from the community, resulting in
easy commutes to area employers.
    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 anticipated date for stabilized
operations 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.