(To read more on the multifamily market, click here.)
SEATTLE-AvalonBay Communities Inc. has hired a local Trammell Crow Residential executive to lead its efforts in the Puget Sound region, where it owns 12 properties and recently launched construction of a major mixed-use development. Brian Fritz, who oversaw development and day-to-day operations in the Seattle region for TCC, will now be sourcing and developing new assets in the area for AvalonBay.
Avalon Bay owns some 3,000 apartment units in the region and recently commenced construction of its first significant new development in the area, the mixed-use Avalon Meydenbauer development in Downtown Bellevue, WA. Located at Northeast 4th Street and Bellevue Way, the project calls for 368 luxury apartment units in two five-story towers rising above 78,000 sf of retail anchored by a 60,000-sf Safeway grocery store.
Prior to TCR, Fritz worked with national developer JPI for over six years. During his tenure with JPI, Fritz was involved in the development and disposition of over 3,000 multifamily units. He served as regional development manager, coordinating JPI's development efforts for the states of Colorado, Washington, and Minnesota.
"During the past few years, while the region's economy slowed, we continued to believe in Seattle, with its high barriers to entry for the development of new apartment communities," says Steve Wilson, AvalonBay's SVP of West Coast development. "We maintained our Seattle operations and now, with improving economic fundamentals, the area is ideally suited to AvalonBay's operating and development strategy."
AvalonBay develops, redevelops, acquires and manages apartment communities in high barrier-to-entry markets. As of May 31, it owned or held an interest in 157 apartment communities containing 45,922 apartment homes in ten states and the District of Columbia. Of the total 16 communities are under construction.
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