AvalonBay Communities Announces Construction Start and Completion In Boston, Massachusetts Area

Apr 10, 2001, 01:00 ET from AvalonBay Communities, Inc.

    ALEXANDRIA, Va., April 10 /PRNewswire/ -- AvalonBay Communities, Inc.
 (NYSE:   AVB) announced today that it has begun construction on a luxury
 garden-style apartment community in Wilmington, Massachusetts, a northern
 suburban Boston, Massachusetts market, and that it has completed construction
 on a luxury garden-style apartment community in Hull, Massachusetts, part of
 Boston's South Shore region.  The construction start, to be known as Avalon
 Oaks West, will feature 120 apartment homes in five, three-story buildings.
 The completed community, known as Avalon Estates, features 162 one and
 two-bedroom apartment homes in 20 two-story direct entry buildings.
     Avalon Oaks West is conveniently located approximately 1.6 miles west of
 I-93 and 15 miles northwest of downtown Boston.  Residents of Avalon Oaks West
 will have easy access to nearby employment centers in Boston, Cambridge and
 the northern and western suburban employment centers, including Burlington,
 Woburn and Andover, via I-93, between I-95 (Route 128) and I-495.  A
 twenty-five minute commute to Boston will also be available via the commuter
 rail system on two lines at the Wilmington Station.
     Avalon Oaks West residents will choose from multiple floorplans including
 48 one-bedroom, 60 two-bedroom and 12 three-bedroom apartment homes with and
 without lofts.  Apartment home features will include fully applianced
 kitchens, private patios or balconies, walk-in closets and full size washers
 and dryers.  Additional amenities available in some apartment homes will
 include fireplaces, bay windows and/or private detached garages.  Avalon Oaks
 West residents will also enjoy many community amenities such as a clubhouse,
 fully equipped fitness center, outdoor heated pool, tot lot and barbecue and
 picnic area.
     The cost to complete construction of Avalon Oaks West is expected to be
 approximately $17.7 million.  Upon construction completion, it is anticipated
 that permanent financing will be provided by the Massachusetts Housing Finance
 Agency through the sale of tax-exempt bonds.  Construction completion is
 expected during the second quarter of 2002, and initial occupancy is expected
 in the first quarter of 2002.  Monthly average stabilized rents per home are
 expected to be approximately $1,715.
     Avalon Estates, a 162 luxury apartment home community conveniently located
 in Boston's South Shore region, was completed more than one month ahead of
 schedule at a total construction cost of $20.5 million.  The community is
 currently 95.7% leased and is expected to achieve stabilized operations two
 quarters ahead of schedule.  Monthly average stabilized rents per home of
 $1,640 are approximately 6% higher than pro forma projections.
 
     AvalonBay Communities, Inc., headquartered in Alexandria, Virginia,
 currently owns or holds an ownership interest in 137 apartment communities
 containing 41,402 apartment homes in twelve states and the District of
 Columbia, of which twelve communities are under construction and four 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, financing method, anticipated stabilized rents and
 operations, anticipated initial occupancy and the anticipated completion dates
 described in this release may be different than currently anticipated by the
 Company.
 
 

SOURCE AvalonBay Communities, Inc.
    ALEXANDRIA, Va., April 10 /PRNewswire/ -- AvalonBay Communities, Inc.
 (NYSE:   AVB) announced today that it has begun construction on a luxury
 garden-style apartment community in Wilmington, Massachusetts, a northern
 suburban Boston, Massachusetts market, and that it has completed construction
 on a luxury garden-style apartment community in Hull, Massachusetts, part of
 Boston's South Shore region.  The construction start, to be known as Avalon
 Oaks West, will feature 120 apartment homes in five, three-story buildings.
 The completed community, known as Avalon Estates, features 162 one and
 two-bedroom apartment homes in 20 two-story direct entry buildings.
     Avalon Oaks West is conveniently located approximately 1.6 miles west of
 I-93 and 15 miles northwest of downtown Boston.  Residents of Avalon Oaks West
 will have easy access to nearby employment centers in Boston, Cambridge and
 the northern and western suburban employment centers, including Burlington,
 Woburn and Andover, via I-93, between I-95 (Route 128) and I-495.  A
 twenty-five minute commute to Boston will also be available via the commuter
 rail system on two lines at the Wilmington Station.
     Avalon Oaks West residents will choose from multiple floorplans including
 48 one-bedroom, 60 two-bedroom and 12 three-bedroom apartment homes with and
 without lofts.  Apartment home features will include fully applianced
 kitchens, private patios or balconies, walk-in closets and full size washers
 and dryers.  Additional amenities available in some apartment homes will
 include fireplaces, bay windows and/or private detached garages.  Avalon Oaks
 West residents will also enjoy many community amenities such as a clubhouse,
 fully equipped fitness center, outdoor heated pool, tot lot and barbecue and
 picnic area.
     The cost to complete construction of Avalon Oaks West is expected to be
 approximately $17.7 million.  Upon construction completion, it is anticipated
 that permanent financing will be provided by the Massachusetts Housing Finance
 Agency through the sale of tax-exempt bonds.  Construction completion is
 expected during the second quarter of 2002, and initial occupancy is expected
 in the first quarter of 2002.  Monthly average stabilized rents per home are
 expected to be approximately $1,715.
     Avalon Estates, a 162 luxury apartment home community conveniently located
 in Boston's South Shore region, was completed more than one month ahead of
 schedule at a total construction cost of $20.5 million.  The community is
 currently 95.7% leased and is expected to achieve stabilized operations two
 quarters ahead of schedule.  Monthly average stabilized rents per home of
 $1,640 are approximately 6% higher than pro forma projections.
 
     AvalonBay Communities, Inc., headquartered in Alexandria, Virginia,
 currently owns or holds an ownership interest in 137 apartment communities
 containing 41,402 apartment homes in twelve states and the District of
 Columbia, of which twelve communities are under construction and four 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, financing method, anticipated stabilized rents and
 operations, anticipated initial occupancy and the anticipated completion dates
 described in this release may be different than currently anticipated by the
 Company.
 
 SOURCE  AvalonBay Communities, Inc.