AvalonBay Communities Announces Acquisition Activity.ALEXANDRIA, Va. -- AvalonBay Communities, Inc. (NYSE NYSE See: New York Stock Exchange :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 the acquisition of two communities by the AvalonBay Value Added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. Fund, L.P. (the "Fund"), a private, discretionary investment vehicle in which the Company has a 15% equity interest. The Fund acquired Versailles at Aberdeen Station, a 290 apartment home community located in Aberdeen, NJ, and The Springs, a 320 apartment home community located in Corona, CA. Versailles at Aberdeen Station was acquired in June 2006 for $57.6 million. Located in Monmouth County, Versailles at Aberdeen Station is adjacent to the Garden State Parkway The Garden State Parkway is a 172.4-mile (277-km) limited-access toll parkway that stretches the length of New Jersey from the New York state line at Montvale, New Jersey, to Cape May at the southern tip of the state. Its name refers to the state nickname, the "Garden State". providing access to employment centers in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and New Jersey. Additionally, the community is within walking distance to the Aberdeen-Matawan New Jersey Transit The New Jersey Transit Corporation (NJ Transit) is a statewide public transportation system serving the state of New Jersey, and Orange and Rockland counties in New York. It operates bus, light rail, and commuter rail services throughout the state, notably connecting to major rail station, which provides rail service to Newark and New York City. Built in 2002, the community features a clubhouse, fitness center, swimming pool, business center, and media room. The Springs was acquired in July 2006 for $47.1 million. The community is located at the intersection of the Riverside Freeway and Interstate 15, providing convenient access to Los Angeles to the west, San Bernadino County to the east and San Diego to the south. Additionally, the Corona Metro Link Station, located within a half mile of the community offers train access to Orange and Los Angeles county employment centers. New rental product has not been delivered in this supply-constrained market in over 8 years, and the closest competing rental product is approximately 15 miles from the community. The community offers residents a fitness center, two outdoor pools and all apartments have central heating and air conditioning. About AvalonBay Communities, Inc. AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 159 apartment communities containing 46,532 apartment homes in ten 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 sixteen communities are under construction and four communities are under reconstruction. AvalonBay is in the business of developing, redeveloping, acquiring, and managing 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. Copyright (C) 2006 AvalonBay Communities, Inc. All Rights Reserved |
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