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Arna Valley View Opens in South Arlington, Va.

New Apartment Community Brings Luxury, Affordability to Area

ALEXANDRIA, Va., May 3 /PRNewswire/ --

Arlington County dignitaries joined AvalonBay Communities (NYSE: AVB) executives at a ribbon cutting celebrating the opening of Arna Valley View, a new affordable housing community located on a portion of the site of the old Arna Valley apartments.

As the site of housing for Army and Navy personnel during World War II, and most recently as home to Central American immigrants, the Arna Valley neighborhood is steeped in history and tradition. Today, it is the site of an ambitious redevelopment endeavor that includes both market rate and affordable housing. Arna Valley View, the affordable housing component of this effort, is a $15 million development that will provide much needed affordable housing for residents of the area.

Arna Valley View is being developed and managed by AvalonBay and is financed with tax exempt bonds, an Arlington County loan and tax credit equity from Bank of America.

AvalonBay worked closely with the County in the development of Arna Valley View and instituted a successful relocation program for residents of the "old" Arna Valley. Several of those residents are returning to live at Arna Valley View. During the ribbon-cutting ceremony, AvalonBay Regional Vice President of Development, Matt Birenbaum, remarked that the development of Arna Valley View is an important milestone in bringing exceptional affordable housing to South Arlington.

"One thing that is exciting about AvalonBay's redevelopment of the neighborhood is that there is a place for everyone," Birenbaum said. "There has long been a need for quality affordable housing in South Arlington, and with the neighborhood's diverse mix of incomes and housing styles, residents of Arna Valley View will discover a truly unique living experience."

Arlington Director of Development, Wayne Rhodes, said Arna Valley View fills an important community need.

"Development of affordable housing is one of the most critical issues facing Arlington, Northern Virginia and the region. Partnerships between private industry and local government are critical in addressing this issue," said Wayne Rhodes, Director of Development, Arlington County. "Arna Valley View Apartments is an example of how local government and private industry can help each other address this critical problem." The garden-style apartment community brings 101 affordable apartment homes to the area. Arna Valley View residents will enjoy high-quality interior finishes and amenities such as wall-to-wall carpeting, spacious walk-in closets, fully-equipped kitchens, full-size washers and dryers, and each home is pre-wired for multiple phone lines. Residents will have access to a state- of-the-art business center, landscaped courtyards, a central parking structure, a community room and a fitness center.

As a resident of the "old" Arna Valley, Lolita Agatone has strong ties to the community. She said Arna Valley View offered her the opportunity to stay in an area she loved and much more. "The amenities are outstanding and the quality of the homes is even better," said Agatone. "It is difficult to find apartments that are nice and affordable, but I am happy to say I found both at Arna Valley View."

Arna Valley View is adjacent to Avalon at Arlington Square redevelopment where living, working and recreation blend to create a vibrant urban village. Designed in the spirit of New Urbanism, which has been defined as a reaction to sprawl, Avalon at Arlington Square contains a pedestrian-friendly landscape designed to encourage people to get out of their cars and rediscover a "traditional" neighborhood setting. Avalon at Arlington Square features garden apartments, townhome apartments and unique live/work townhomes with ground floor office/retail space, which is perfect for a home-based-business. Among the businesses already taking advantage of this unique situation are a nanny referral service, a computer consultant and home-cleaning service.

Located just three miles from Washington, D.C., Avalon at Arlington Square already is generating additional development in this area of the County. Located close to Pentagon City Shopping Mall and I-395, Avalon at Arlington Square is consistent with AvalonBay's "smart growth" strategy, which is aimed at fostering the development of residential communities around mass transit corridors and near centers of employment, shopping and entertainment.

AvalonBay Communities, Inc., headquartered in Alexandria, Va., currently owns or holds an ownership interest in 138 apartment communities containing 40,631 apartment homes in 12 states and the District of Columbia, of which 12 communities are under construction and four communities are under reconstruction. AvalonBay is in the business of developing, redeveloping, and 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 .

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Publication:PR Newswire
Date:May 3, 2001
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