AvalonBay Communities Announces Market Common Clarendon Acquisition
May 16 2016 - 4:01PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (“AvalonBay” or
the “Company”) announced today that, together with Regency Centers
Corporation (“Regency”), it has acquired Market Common Clarendon
from TIAA Global Asset Management. The asset is comprised of a
mixed-use development located in Arlington, VA that features 300
apartment homes, 300,000 square feet of retail and 100,000 square
feet of additional space.
In order to facilitate the acquisition, AvalonBay and Regency
have formed an agreement under which AvalonBay will acquire the
attributes of the residential component of Market Common Clarendon
and Regency will acquire the retail and all remaining components.
The purchase price for Market Common Clarendon was $406.0 million,
of which AvalonBay contributed $120.3 million.
About AvalonBay Communities, Inc.
As of March 31, 2016, the Company owned or held a direct or
indirect ownership interest in 282 apartment communities containing
83,049 apartment homes in 10 states and the District of Columbia,
of which 24 communities were under construction and 11 communities
were under reconstruction. The Company is an equity REIT in the
business of developing, redeveloping, acquiring and managing
apartment communities in the leading metropolitan areas in New
England, the New York/New Jersey Metro area, the Mid-Atlantic, the
Pacific Northwest, and the Northern and Southern California regions
of the United States. More information may be found on the
Company’s website at http://www.avalonbay.com
Copyright © 2016 AvalonBay Communities, Inc.
All Rights Reserved
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AvalonBay Communities, Inc.Jason ReilleySenior DirectorInvestor
Relations703-317-4681
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