AvalonBay Communities Announces First Quarter 2001 Acquisitions And Dispositions

Apr 11, 2001, 01:00 ET from AvalonBay Communities, Inc.

    ALEXANDRIA, Va., April 11 /PRNewswire/ -- AvalonBay Communities, Inc.
 (NYSE:   AVB; PCX) announced its first quarter 2001 acquisition and disposition
 activity.  The Company acquired three communities, Avalon Wynhaven, Avalon
 Brandemoor and Avalon WildWood, all located in the Seattle, Washington area
 and sold one community, Crossbrook, located in the San Francisco, California
 area, during the first quarter of 2001.
 
     Acquisition Activity
     The three communities acquired by the Company were acquired on a presale
 basis in connection with a forward purchase agreement (presale commitment) for
 an aggregate acquisition price of $129.3 million.  The communities contain a
 total of 995 apartment homes and are located in the Seattle, Washington area.
 The weighted average net square footage and leased rent for these communities,
 in the aggregate, is approximately 1,200 and $1,190 or $0.99 per square foot.
     Avalon Wynhaven consists of 215 three-story townhomes, 118 apartment homes
 situated in several three- and four-story garden-style split buildings and one
 four-story midrise building and approximately 1,900 square feet of retail
 space.  The community is conveniently located north of I-90, Seattle's primary
 east-west transportation corridor.  The community is approximately 15 miles
 east of downtown Seattle and approximately 10 miles from downtown Bellevue.
 Two retail centers are nearby and many major employers are easily accessible
 including Microsoft, Nintendo of America and Costco.
     Avalon Brandemoor and Avalon Wildwood are conveniently located
 approximately 15 miles north of Seattle and approximately 12 miles south of
 Everett, two of the largest employment centers in the Seattle area.  Avalon
 Brandemoor is a three-story garden-style community consisting of 424 apartment
 homes, and Avalon Wildwood is a three-story townhome community consisting of
 238 townhomes.  These communities are located within the technology corridor
 that stretches from Bothell to Everett.  This technology corridor is home to
 over 300 companies in the software, electronics, biotechnology, communications
 and computer equipment industries.  Three major freeways, SR-525, I-5 and
 I-405, are easily accessible from both communities, and shopping and other
 retail services are available at both a regional mall located 1.5 miles to the
 south and a local retail complex located less than one mile away.
     Residents of each of these communities can choose from multiple floorplans
 and enjoy many amenity features in their homes including gourmet-sized fully
 applianced kitchens, private verandas, ample closet space and multimedia links
 for high speed DSL lines, multiple fax/phone/modem lines and video.
 Wood-burning fireplaces, extra-large walk-in closets, French doors and vaulted
 ceilings are just some of the many options also available.  Community
 amenities at each of the communities also include a fully equipped fitness
 center, clubhouse, business center and swimming pool.
 
     Disposition Activity
     AvalonBay disposed of one community during the first quarter of 2001.
 Crossbrook, sold in February 2001, is a 226 apartment home community located
 in the San Francisco, California area.  Financial information regarding the
 sale of Crossbrook is set forth in the following table:
 
                                                                  Gross
                                                              Proceeds After
                                 Sales Price         Debt     Debt Repayment
 
     Crossbrook                  $23,250,000      $8,145,373   $15,104,627
 
     The estimated net proceeds of $14.5 million were invested in cash
 equivalents and will ultimately be invested in development and redevelopment.
 
     About AvalonBay Communities, Inc.
     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 .
 
 

SOURCE AvalonBay Communities, Inc.
    ALEXANDRIA, Va., April 11 /PRNewswire/ -- AvalonBay Communities, Inc.
 (NYSE:   AVB; PCX) announced its first quarter 2001 acquisition and disposition
 activity.  The Company acquired three communities, Avalon Wynhaven, Avalon
 Brandemoor and Avalon WildWood, all located in the Seattle, Washington area
 and sold one community, Crossbrook, located in the San Francisco, California
 area, during the first quarter of 2001.
 
     Acquisition Activity
     The three communities acquired by the Company were acquired on a presale
 basis in connection with a forward purchase agreement (presale commitment) for
 an aggregate acquisition price of $129.3 million.  The communities contain a
 total of 995 apartment homes and are located in the Seattle, Washington area.
 The weighted average net square footage and leased rent for these communities,
 in the aggregate, is approximately 1,200 and $1,190 or $0.99 per square foot.
     Avalon Wynhaven consists of 215 three-story townhomes, 118 apartment homes
 situated in several three- and four-story garden-style split buildings and one
 four-story midrise building and approximately 1,900 square feet of retail
 space.  The community is conveniently located north of I-90, Seattle's primary
 east-west transportation corridor.  The community is approximately 15 miles
 east of downtown Seattle and approximately 10 miles from downtown Bellevue.
 Two retail centers are nearby and many major employers are easily accessible
 including Microsoft, Nintendo of America and Costco.
     Avalon Brandemoor and Avalon Wildwood are conveniently located
 approximately 15 miles north of Seattle and approximately 12 miles south of
 Everett, two of the largest employment centers in the Seattle area.  Avalon
 Brandemoor is a three-story garden-style community consisting of 424 apartment
 homes, and Avalon Wildwood is a three-story townhome community consisting of
 238 townhomes.  These communities are located within the technology corridor
 that stretches from Bothell to Everett.  This technology corridor is home to
 over 300 companies in the software, electronics, biotechnology, communications
 and computer equipment industries.  Three major freeways, SR-525, I-5 and
 I-405, are easily accessible from both communities, and shopping and other
 retail services are available at both a regional mall located 1.5 miles to the
 south and a local retail complex located less than one mile away.
     Residents of each of these communities can choose from multiple floorplans
 and enjoy many amenity features in their homes including gourmet-sized fully
 applianced kitchens, private verandas, ample closet space and multimedia links
 for high speed DSL lines, multiple fax/phone/modem lines and video.
 Wood-burning fireplaces, extra-large walk-in closets, French doors and vaulted
 ceilings are just some of the many options also available.  Community
 amenities at each of the communities also include a fully equipped fitness
 center, clubhouse, business center and swimming pool.
 
     Disposition Activity
     AvalonBay disposed of one community during the first quarter of 2001.
 Crossbrook, sold in February 2001, is a 226 apartment home community located
 in the San Francisco, California area.  Financial information regarding the
 sale of Crossbrook is set forth in the following table:
 
                                                                  Gross
                                                              Proceeds After
                                 Sales Price         Debt     Debt Repayment
 
     Crossbrook                  $23,250,000      $8,145,373   $15,104,627
 
     The estimated net proceeds of $14.5 million were invested in cash
 equivalents and will ultimately be invested in development and redevelopment.
 
     About AvalonBay Communities, Inc.
     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 .
 
 SOURCE  AvalonBay Communities, Inc.