Ground broken on Avalon Cove rental community in Jersey City.

On Monday, June 8th, Avalon Bay Communities, a New York Stock Exchange REIT, held a ceremony to mark their second rental community on the New Jersey Gold Coast.

The Tower at Avalon Cove is located on Second Street in Jersey City, NJ, and follows the company's award-winning Avalon Cove community, which consists of 504 apartment homes in a mid-rise building that currently enjoys 100 percent occupancy.

The Tower at Avalon Cove is set on 2.75 acres of waterfront property on the Hudson River, located directly south of the Avalon Cove community. The 25-story building will contain 269 one-, two- and three-bedroom apartments which are expected to open for leasing in the Spring of 1999.

The apartment homes will enjoy panoramic views of both lower and upper Manhattan, as well as the Hudson River, New York Harbor and Statue of Liberty. The homes will feature bay windows, walk-in closets, washers/dryers and optional balconies and private gardens. Twenty-four hour concierge service, a business center, 24-hour maintenance and Avalon Bay's "100 percent satisfaction guarantee" are among the many services that will be offered to residents.

The community amenities will include a large heated swimming pool with barbecue areas and seated gazebos, a fitness center with cardiovascular equipment, and a club-room with a kitchen and TV lounge.

Just 10 minutes to Wall Street and two blocks to the Pavonia/Newport Path, The Tower at Avalon Cove is accessible via the New Jersey Turnpike as well as Routes 1 & 9. Additionally, Avalon will be adding over 1,000 feet of waterfront walkway, which will connect to the water ferry scheduled to begin service to Manhattan in this summer.

Avalon Cove was voted "Best Mid-Rise/High-Rise Community" in 1997 by the National Association of Home Builders (NAHB). Avalon Properties has also earned high marks from NAHB, having been selected Property Management Company of the Year and Development Company of the Year by the organization. "The Tower at Avalon Cove reaffirms our confidence in the Gold Coast," said Jeffery Albert, vice president. "With the tremendous success of Avalon Cove, we view this region as still offering great growth potential. Jersey City has become a wonderful place for both transplanted Manhattanites as well as suburban New Jersey renters who want uncompromised luxury at bargain rents compared to Manhattan. With the creation of both Avalon Cove and The Tower at Avalon Cove, we are able to accommodate the needs of renters seeking both a mid-rise, suburban flavor, as well as high-rise urban living. We expect that The Tower at Avalon Cove will complement and be every bit as successful as Avalon Cove."

Avalon Bay Communities is an equity REIT in the business of developing, acquiring and managing multi-family apartment communities in the high barrier-to-entry markets of the United States. Avalon Bay Communities owns or holds an ownership interest in 127 stabilized communities containing 37,009 apartment homes in 16 states and the District of Columbia. An additional 17 apartment communities, representing 4,737 apartment homes, are currently under construction.