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ALEXANDRIA, VA-With the recent sell of a multifamily building and two parcels of land, local apartment developer and owner AvalonBay Communities has been able to put $59.7 million in its bank account. AvalonBay will make use of the proceeds from the dispositions by paying down an existing unsecured credit facility, which is, according to its first quarter 2005 operating results released in April, $500 million. The outstanding debt on the facility was $136 million as of March 31.

Among the holdings AvalonBay just parted with is the 135-unit Avalon Lake in Danbury, CT at 48 Briar Ridge Rd. The company developed the property for $17 million in 1999 and sold it for $37.7 million. The two parcels, located in Seattle and the Oakland-East Bay area, commanded an aggregate $23 million.

All three sales fit within the company's investment strategy, detailed in a previous earnings report: "Our principal financial goal is to increase long-term stockholder value by successfully and cost-effectively developing, owning and operating high-quality communities in our selected markets that contain features and amenities desired by residents, as well as by providing our residents with efficient and effective service." In March, AvalonBay sold two California communities in a deal that yielded net proceeds of $78.3 million.