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AVALON PROPERTIES SUCCESSFUL INITIAL PUBLIC OFFERING

 NEW CANAAN, Conn., Nov. 18 /PRNewswire/ -- Avalon Properties, Inc. (NYSE: AVN) has successfully completed and closed its initial public offering of 19,525,000 shares priced at $20.50 per share. Managing underwriter for the transaction was Kidder, Peabody & Co. Incorporated. Concurrently, a revolving credit facility was placed by Fleet Bank, National, Association, to facilitate future developments and acquisitions.
 Avalon is a real estate investment trust whose business is developing, acquiring and managing multifamily communities in the Mid- Atlantic and Northeast regions of the United States. The company currently owns 22 multifamily communities, with three additional communities under development.
 "New development and acquisition opportunities are very attractive and we anticipate that those opportunities will translate directly into dividend growth," said Chuck Berman, president and a director of the company's board of directors. Avalon is expected to make an initial distribution for the period from Nov. 18, 1993 through Dec. 31, 1993 and thereafter quarterly distributions for the period beginning Jan. 1, 1994. Distributions for the first full year of operations are expected to be approximately $1.44 per share.
 -0- 11/18/93
 /CONTACT: John Newell of Avalon Properties, 617-367-7179/
 (AVN)


CO: Avalon Properties, Inc. ST: Connecticut IN: REA FIN SU: OFR

CM-DJ -- NE010 -- 6176 11/18/93 15:47 EST
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Publication:PR Newswire
Date:Nov 18, 1993
Words:211
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