AvalonBay Communities Announces Construction Start of Two Luxury Apartment Communities in the Washington, D.C. Area

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AvalonBay Communities Announces Construction Start of Two Luxury Apartment Communities in the Washington, D.C. Area
    ALEXANDRIA, Va., Dec. 12 /PRNewswire/ --
AvalonBay Communities, Inc. (NYSE: AVB; Pacific) announced today that it has
begun construction on two luxury apartment communities in the Washington, D.C.
area.  Avalon at Rock Spring, located in North Bethesda, Maryland, will
feature 386 one, two and three-bedroom apartment homes in six four-story
buildings.  Avalon at Gallery Place, located in downtown Washington, D.C.,
will feature 203 studio, one, two and three-bedroom apartment homes in a 12-
story highrise building.  Avalon at Gallery Place will also include
approximately 8,600 square feet of retail space.
    The cost to complete construction of Avalon at Rock Spring and Avalon at
Gallery Place is expected to be approximately $45.9 and $50.0 million,
respectively.  The estimated cost of construction for Avalon at Gallery Place
is net of approximately $4 million of proceeds that the Company expects to
receive upon the sale of transferable development rights associated with the
development of the community.  These rights do not become transferable until
construction completion and there can be no assurance that the projected
amount of proceeds will actually be achieved.
    Construction completion of Avalon at Rock Spring is expected during the
third quarter of 2003, with initial occupancy expected to occur in the first
quarter of 2003.  Construction completion of Avalon at Gallery Place is
expected during the fourth quarter of 2003, with initial occupancy expected to
occur in the third quarter of 2003.  Avalon at Rock Spring and Avalon at
Gallery Place monthly average stabilized rents per home are expected to be
approximately $1,660 and $2,485, respectively.
    Avalon at Rock Spring is located between Old Georgetown Road and I-270, in
the heart of Mongtomery County in North Bethesda, Maryland.  The community is
located three miles from downtown Bethesda, a major employment and
entertainment center.  The I-270/Capital Beltway spur is directly accessible
from the community, offering convenient commuting to employment centers in
suburban Maryland, Northern Virginia and downtown Washington, D.C.  In
addition to the numerous employers in these employment centers, the community
is adjacent to the Rock Spring business park, which is the corporate
headquarters of Marriott and Lockheed Martin and the local headquarters of IBM
Federal Systems.  Shopping and entertainment are also nearby at Montgomery
Mall, one of the area's largest regional malls, and numerous dining
alternatives are available in downtown Bethesda and surrounding areas.
    Avalon at Gallery Place is conveniently located in downtown Washington,
D.C. approximately one block from the MCI Center.  The community is
approximately nine blocks from the U.S. Capitol, three blocks from Judiciary
Square, four blocks from the Federal Triangle office complex and one block
from the National Building Museum.  Two Metro stops are within two blocks of
the community, and Union Station is also within walking distance.  Additional
employment opportunities are available with employers occupying millions of
square feet of private office space in downtown D.C.  Numerous entertainment,
shopping and dining alternatives are also within walking distance or a short
Metro ride away including the Shakespeare Theatre, National Theatre, the
National Mall, Smithsonian Institution museums, Capitol Hill, and numerous
restaurants.
    Apartment home features at both communities will include fully applianced
kitchens, walk-in closets, linen closets, large or double bowl bathroom
vanities and full size washers and dryers.  Optional amenities will include
gas fireplaces, bay windows and private balconies or patios.  Residents will
also enjoy many community amenities such as a fully equipped fitness center,
telecommuting center with conference room, resident lounge and controlled
access parking garages.  Avalon at Rock Spring residents will also enjoy an
outdoor swimming pool with sundeck, tot lot and landscaped courtyards with
barbecue grills.  Avalon at Gallery Place residents will also enjoy a 24-hour
concierge service and a rooftop terrace with views of the Capitol.
    AvalonBay Communities, Inc., headquartered in Alexandria, Virginia,
currently owns or holds an ownership interest in 141 apartment communities
containing 41,183 apartment homes in eleven states and the District of
Columbia, of which fifteen communities are under construction and three 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, 2000 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, projected amount of proceeds from the expected sale of
certain transferable development rights, anticipated stabilized rents,
anticipated date of initial occupancy and the anticipated completion dates
described in this release may be different than currently anticipated by the
Company.
SOURCE AvalonBay Communities, Inc.
http://www.avalonbay.com
CONTACT:
Bryce Blair, 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.