ARLINGTON, VA.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) announced today the acquisition of Yale Village Townhomes (top left photo), a community of 210 rental townhomes located in Rockville, MD.
The community was acquired for $49.5 million by AvalonBay Value Added Fund II, L.P. (“Fund II”), a private, discretionary investment vehicle in which AvalonBay Communities, Inc. has a 31% equity interest.
AvalonBay Communities, Inc. (the “Company”) also announced it will release its second quarter 2011 earnings on July 27, 2011 after the market close. The Company will hold a conference call on July 28, 2011 at 1:00 PM Eastern Time (ET) to discuss its second quarter 2011 results.
Yale Village Townhomes is located in the northwest suburbs of metropolitan Washington D.C. on the I-270 Corridor in Montgomery County, MD. Good schools, transit, employment and shopping are all within close proximity.
Completed in 1970, the community consists of 100% direct-entry rental townhome product averaging 1,923 SF per home. AvalonBay plans to renovate a portion of the apartment homes to a higher finish level and make other improvements to the overall curb appeal.
The acquisition of Yale Village completes Fund II’s allocation in the metropolitan Washington D.C. region. Fund II has equity commitments totaling $400 million and can employ leverage up to 65%, allowing for an investment capacity of approximately $1.1 billion.
With this acquisition, Fund II has now acquired a total of 10 communities consisting of 4,148 apartment homes and a total acquisition cost of $619 million.
Fund II will acquire and operate multifamily apartment communities in AvalonBay’s high barrier-to-entry markets of the Northeast, Mid-Atlantic and West Coast regions of the U.S. with the objective of creating value through redevelopment, enhanced operations and/or improving market fundamentals.
The Company’s second quarter 2011 earnings will be released on July 27, 2011 after the market close.
Contacts: AvalonBay Communities, Inc., John Christie, Senior Director
Investor Relations, 703-317-4747
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