The ten structures will be mid-rise buildings of four or five stories, and there will be four-story parking garages linked by bridges to nine of the structures. The tenth building will offer a single-level subterranean parking facility.With its First Quarter 2002 earnings release scheduled for issue after the closing of the market on April 30, AvalonBay officials were unavailable for comment on the project at press time. However, company chairman and CEO Bryce Blair comments on AvalonBay's future following the Fourth Quarter 2001 release. "The redeployment of the disposition proceeds into our core, high barrier-to-entry markets where we have a strong competitive advantage is a clear example of one of the ways in which we pursue our market penetration strategy," he explains.

In addition to the Washington metro area, the company's core markets include New York, San Francisco, and Boston. Further evidence of the strongly adhered to strategy is seen in the start of construction on the $40.4 million Avalon at Glendale Court in the Los Angeles County suburb of Glendale, CA. The announcement of work on this project was made simultaneously with the Grosvenor Station news. Glendale Court will offer 223 units in low-rise buildings that will be finished in 2004, as well. Both apartment communities are billed as luxury apartment homes and further the company's national branding campaign, which is headed by Posner Advertising and advocates life in an AvalonBay property as "Time Well Spent." The message is designed to convey to potential residents the idea that AvalonBay communities offer luxury and the opportunity to enjoy life.