Initial occupancy took place in the first quarter of 1999. The projected stabilized average leased rent is approximately $2,144 per month. The community features such amenities as a controlled-access gate system, concierge services, clubroom, fitness center, squash court, business center and conference room. Avalon Willow has a landscaped courtyard, barbecue and picnic area and an outdoor swimming pool. The homes come with full-size laundry appliances, deluxe kitchens, walk-in closets and optional apartment upgrades such as gas-burning fireplaces, lofts and wrap-around balconies.

Bryce Blair, chief operating officer of the company, says it is developing several other rental apartment communities in Westchester County. In Downtown New Rochelle, construction continues on its Avalon On the Sound venture. The first phase, a 24-story 412-unit high rise now under construction, is scheduled for completion year-end 2001. Occupancy is set for spring of next year. When completed, it will total approximately 1,000 rental apartments.

The Avalon on the Sound project, estimated at between $90 million to $100 million, is part of New Rochelle's ongoing downtown revitalization effort. Nearby the Avalon site is the New Roc City family entertainment complex, developed by Cappelli Enterprises of Valhalla, which opened late last year.