Tower at Avalon Cove tops out in Jersey City.

Avalon Bay Communities, Inc. and York Hunter construction held a ceremony to mark the "topping out" of the 25-story Tower at Avalon Cove, Avalon's second residential rental community on the New Jersey Gold Coast in Jersey City, NJ.

The Tower at Avalon Cove is located at the corner of Washington Boulevard and Second Street in Jersey City and is directly south of the Company's award-winning Avalon Cove Community, a fully-occupied mid-rise apartment building consisting of 504 apartments.

York Hunter serves as the construction manager for The Tower at Avalon Cove, which is set on 2.75 acres of waterfront property and will offer 269 one-, two- and three-bedroom apartments. The building is expected to be open for leasing in the Spring of 1999.

The topping out ceremony marked the completion of the superstructure. New Jersey Senator Frank Lautenberg, Jersey City Mayor Bret Schundler and other community leaders were among the guests who attended the ceremony. "Avalon Bay Communities and York Hunter are to be commended for standing by the demanding fast-tract construction schedule of the Tower at Avalon Cove. This new residential community will contribute greatly to Jersey City's continued economic development. Once completed, the Tower will not only add to our market-rate housing stock, but also extend the waterfront walkway - a feature of the project that all of Jersey City's residents will be able to enjoy," said Mayor Schundler.

Located just two blocks from the Pavonia/Newport PATH station, The Tower at Wall Street and is ideal for those who work in Manhattan but are looking for a convenient and affordable alternative to New York City's expensive residential market. Additionally, Avalon Bay will add over 1,000 feet of waterfront walkway to the Hudson waterfront. It will connect to a water ferry which began service to Manhattan earlier this summer.

The apartments homes will enjoy panoramic views of both lower and upper Manhattan, as well as the Hudson River and New York Harbor. The homes will feature bay windows, walk-in closets, washers/dryers and optional balconies and private gardens. Twenty-four hour concierge service and a business center will be available. Other amenities will include a large heated swimming pool with barbecue areas and seated gazebos, a fitness center with cardiovascular equipment and a clubroom with a kitchenette and TV lounge.

"We want to thank York Hunter and all of their subcontractors for reaching this important milestone in the construction process," said Tracey E. Brown, development director for Avalon Bay Communities, Inc.

Avalon Cove was voted "Best Mid-Rise/High-Rise Community" in 1997 by the National Association of Home Builders (NAHB), while Avalon Bay Communities has been awarded Property Management Company of the Year and Development Company of the Year designations by NAHB.

York Hunter is currently constructing another luxury residential community for Avalon Bay Communities in Mamaroneck, NY. This community, Avalon Willow, contains three four-story buildings consisting of 227 apartment homes. It is slated for completion early next year.

Avalon Bay is an equity REIT operating in the high barrier-to-entry markets of the United States. The Company owns 145 communities totaling 42,318 apartment homes in 29 distinct markets, of which 16 communities are under construction and 23 are or will be under reconstruction. In addition, the company holds future development rights for 23 communities.