AvalonBay Disposes of Non-Core Assets for 64.2 Million

ALEXANDRIA, VA-Apartment complex REIT AvalonBay Communities sold three of its properties at the very end of the fourth quarter for a total of $64.2 million. The properties–Boston’s Avalon Colchester, and Los Angeles’ Timberwood and Arbor Heights apartment complexes–sold for $6 million, $22.9 million, and $35.3 million respectively and account for 617 units.

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.