AvalonBay Belltown is one of a number of apartment projects planned or underway in the Belltown neighborhood, a gentrifying residential and retail area located immediately south of the downtown core. The neighborhood is a short walk from two of Seattle's biggest attractions: Pike Place Market and the Seattle Center.

Sources at AvalonBay tell GlobeSt the cost of the project is $19.2 million, and, once completed, will be maintained in the REIT's portfolio of luxury apartments in high barrier-to-entry markets. The company says it owns or holds ownership interests in multi-family complexes in Bellevue, Renton, Redmond, Bothell and Seattle. The aggregate number of units in those properties is 2,164.

Nationwide, AvalonBay owns or has interests in 136 apartment communities, with a total of 40,041 units in 12 states and the District of Columbia. Those numbers include 10 communities are under construction and two under reconstruction. More information about the REIT can be found on its website (www.avalonbay.com).