Avalon at Arlington Square will ultimately consist of 842 apartments. According to an AvalonBay spokesperson, the first phase of the community, 510 apartment homes, should be completed by the fourth quarter of 2001. The second phase of 332 apartment homes should be completed by the first quarter of 2003 at a cost of about $44 million and the monthly average stabilized rents per home are expected to be about $1,695 a month.
AvalonBay presently owns or holds an ownership interest in 140 apartment communities, with 41,300 apartment units. Of that total, 13 communities are under construction and three are being redeveloped.
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