AvalonBay Closes On Land for Luxury Apartment Community in Washington, D.C.; New Development Would Bring Residential Life Back to Downtown D.C.Business Editors ALEXANDRIA, Va.--(BUSINESS WIRE)--August 14, 2000 AvalonBay Communities AvalonBay Communities, Inc. (NYSE: AVB) is an Alexandria, Virginia-based public real estate investment trust. The company specializes in acquiring, developing, redeveloping and managing high-quality apartment communities in high barrier-to-entry markets, such as the Northeast, , Inc. (NYSE NYSE See: New York Stock Exchange and PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. symbol "AVB AVB Allgemeine Versicherungsbedingungen AVB Armin Van Buuren (musician) AVB Atrioventricular Block AVB Association Vaincre le Bègaiement AVB Acappella Vocal Band (men's Christian a cappella group) ") announced today that it has closed on the purchase of a half acre site on 5th Street NW, between G and H streets NW, in downtown Washington D.C. The development, to be known as "Avalon at Gallery Place," will be a luxury rental community with 209 apartment homes. The $43 million investment marks the first "free-market" residential development in Washington's East End; prior residential developments in the East End have only occurred where it has been mandated by the city of Washington or the federal government. While the site is split zoned for both office and residential space, AvalonBay will develop the site as an entirely residential building with approximately 9,000 square feet of available retail space for ground floor shops. Located in the heart of downtown D.C., two blocks from the Gallery Place Metro and one block from the MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device. (2) (Microwave Communications Inc. Center, Avalon at Gallery Place 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. "Washington D.C. is an excellent place to be right now from a residential development standpoint," said Matt Birenbaum, vice president of development for AvalonBay. "AvalonBay is excited to be a part of bringing people back downtown to live. We look forward to playing a critical role in the ongoing renaissance of Washington D.C." AvalonBay hopes to break ground on Avalon at Gallery Place by January 2001, with construction complete by the end of 2002. AvalonBay Communities, Inc., headquartered in Alexandria, Va., currently owns or holds an ownership interest in 140 apartment communities containing 39,050 apartment homes in 12 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , of which nine communities are under construction and six communities are under reconstruction. The fourth largest apartment equity REIT Equity REIT A Real Estate Investment Trust that assumes ownership status in the property it invests in enabling investors of the REIT to earn dividends on rental income from the property and appreciation in property resale. Antithesis of a Mortgage REIT. in the country, AvalonBay is in the business of developing, redeveloping, acquiring and managing multifamily 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 and Section 21E of the Securities Exchange Act of 1934. 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, 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 1999 under the heading "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations - Forward-Looking Statements." |
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