Avalon Arundel Crossing. Photo by AvalonBay CommunitiesWASHINGTON, DC–AvalonBay Communities is expanding its market share into Denver and Southeast Florida, but the apartment REIT is still recycling capital in the local market.
In September 2018, it acquired the 310-unit Avalon Arundel Crossing, located in Linthicum Heights, Md., for $83 million. The following month it sold Avalon at Fairway Hills – Fields, which currently is in the first phase of a three-phase community, in Columbia, Md., and Avalon Fashion Valley in San Diego for a total of $110.2 million. It also sold in Q3 Avalon Ballston Place in Arlington, Va., for $169 million. The 383-unit apartment building has about 5,000 square feet of retail space.
Also in October, it purchased Alexander Apartments and Lofts, in West Palm Beach, FL, a 290-unit complex that traded for $103 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
