AvalonBay Communities Named 2004 Builder of the Year and Project of the Year by Multifamily Executive Magazine.

ALEXANDRIA, Va. -- AvalonBay Communities, Inc. (NYSE/PCX:AVB) was the recipient of the 2004 Multifamily Executive magazine's prestigious "Builder of the Year" award. The Company also received the award for "Project of the Year, Resort/Luxury category" for Avalon at Mission Bay in San Francisco, California.

According to Multifamily Executive, the "Builder of the Year" award is given to a developer or builder whose flexible approach to development and design reflects ingenuity, practicality and resourcefulness.

Accepting on behalf of the Company, Chairman and CEO, Bryce Blair commented, "We are very honored to receive the Builder of the Year award. We believe it is recognition not only of AvalonBay being a great builder of physical communities, but also of our success in building a talented organization. The skills and dedication of our local teams are vital to our success, building consensus with town officials and neighbors and building a great sense of community for our 100,000 residents who call AvalonBay home."

Multifamily Executive's Builder of the Year award recognized AvalonBay's team for its unique skills of operating in challenging markets while having the perception and flexibility to understand and respond to changing customer needs. Since 1998, AvalonBay has completed 48 communities, comprising 12,900 apartment homes for a total capital cost of more than $2 billion. AvalonBay has a development pipeline of communities currently under construction or in the planning stages valued in excess of $3 billion. Today, AvalonBay has a total enterprise value of over $7 billion and is the fourth largest public REIT operating in the multifamily industry.

AvalonBay possesses a broad range of expertise in design and construction. Whether it is a 30-story urban high-rise or a cluster of thirty three-story wood-frame garden apartment buildings in the suburbs, their integrated teams are able to bring together the right resources to ensure that the apartment communities are completed on time, on budget, and on par with local municipal expectations. As a result, AvalonBay has grown and thrived in 16 high barrier-to-entry markets located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the United States. Today, the Company's portfolio is comprised of a diverse product mix consisting of garden, mid/ high-rise, and town home communities in both urban and suburban settings.

AvalonBay's skills as a developer were also exemplified in the receipt of the "Project of the Year, Resort/Luxury category" award for Avalon at Mission Bay in San Francisco, California. Avalon at Mission Bay, which opened in December 2002, is a community of 250 apartment homes. Located in the Mission Bay section of San Francisco, the community was the first residential development in the city's 'Mission Bay Redevelopment Project,' one of the last areas to be developed in the city. The area is now the largest and fastest growing new development area in San Francisco and is highly sought out.

The design of Avalon at Mission Bay is bold and inspiring - thanks to a striking exterior geometry utilizing glass and metal, dramatic corner angles, and sleek facade planes. Avalon at Mission Bay features numerous amenities including a fully equipped, 5,000 square foot, two level fitness center, penthouse recreation and meeting lounge, and an outdoor terrace area. The lofts and one to three bedroom apartment homes with nine foot ceilings, and, in many cases, floor to ceiling windows, appeal to a broad range of residents, ranging from young professionals to the "empty-nester" segment looking for all the advantages of living in San Francisco's newest neighborhood.

AvalonBay received these awards on October 18, 2004, at the Multifamily Executive Annual Educational Conference in Las Vegas, Nevada. AvalonBay has been honored by numerous industry awards, including most recently the NAHB's "Pillars of the Industry" award for Best Luxury Rental Apartment 2004 - Avalon at Newton Highlands, MA.

About AvalonBay Communities

AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 148 apartment communities containing 43,001 apartment homes in ten states and the District of Columbia, of which thirteen communities are under construction and two communities are under reconstruction. AvalonBay is an equity REIT 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.