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AVALON PROPERTIES, INC. ANNOUNCES $16.5 MILLION MULTIFAMILY ACQUISITION

 NEW CANAAN, Conn., Nov. 30 /PRNewswire/ -- Avalon Properties, Inc. (NYSE: AVN) reported today that it executed a binding agreement to purchase Longwood Towers, a $16.5 million multifamily community in Brookline, Mass. The acquisition is expected to close by yearend 1993.
 Longwood Towers is an architecturally significant, quality community which is minutes to downtown Boston. The community is located adjacent to Boston's Longwood medical area which is home to 12 major health care institutions, including Harvard Medical School. A mass transit stop is located directly across the street from the community.
 Longwood Towers contains 250 apartment homes in three eight story towers. In addition, the community includes an underground parking garage and resident oriented commercial space. The apartment homes include one, two and three bedrooms, ranging in size from 620 to 2,700 square feet with an average of 904 square feet. A significant renovation program will commence in 1994.
 Richard Michaux, Chairman of the Board stated, "This purchase is consistent with Avalon's acquisition objectives of acquiring properties which are in outstanding locations, are difficult to replicate and which may require significant rehabilitation or repositioning in order to produce superior yields."
 Avalon Properties, Inc. is an equity REIT which is focused on acquiring, developing and managing multifamily properties in the Northeastern United States. Avalon Properties, Inc. is the successor to Trammell Crow Residential's operations in the Northeastern United States.
 -0- 11/30/93
 /CONTACT: Richard L. Michaux, 703-329-3581, or Charles Berman, 203-972-4021, both of Avalon Properties/
 (AVN)


CO: Avalon Properties, Inc. ST: Connecticut IN: SU: TNM

LD-MP -- NY105 -- 8920 11/30/93 17:01 EST
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Publication:PR Newswire
Date:Nov 30, 1993
Words:265
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