AvalonBay, which acquired the asset for $130 million in July of 1998, plans to begin work by the end of this year and wrap it up by the fourth quarter of 2002. The redevelopment plan will focus primarily on updating the common areas associated with the three towers, including entrances, lobbies and hallways, as well as the completion of apartment upgrades for a majority of the units.
The average leased rent per unit is expected to be approximately $2,800 per month once the work is done.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
