AvalonBay officials plan to reroute the net proceeds from the sales, $63.3 million, to new and existing construction projects. In its financial outlook report for the first quarter and entire year of 2002, AvalonBay management notes, "the company expects to be a net acquirer of real estate in 2002 resulting from an expectation of limited asset sales late in the year and planned acquisitions in the company's core markets." As of year's end, the company was in the midst of construction on 15 communities and reconstruction on three projects.
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