AvalonBay Moves Ahead on $35-Mil. Complex

Continuing to establish itself as one of the state’s leading developers of multi-family housing, AvalonBay Communities has received approvals to build a 304-unit apartment complex on a 60-acre tract here. According to vice president William McLaughlin, the $35-million Avalon Ledges project should be under construction in early 2001. “We’re thrilled to death,” says McLaughlin. “Weymouth is a great community, and there is a ton of demand on the South Shore right now.”

A Virginia-based REIT, AvalonBay has been acquiring and building multi-family product in the Bay State since 1992. With rental rates now reaching record prices, and apartment vacancies under 1% for most cities and towns in Greater Boston, McLaughlin says the firm’s investment is paying off significantly. Its 154-unit Avalon Essex project in Peabody has secured 60 leases already, for example, even though the firm just delivered the first 24-unit building there. “It’s a pretty exciting time,” says McLaughlin. “We’ve definitely been busy.”

At this point, it seems that AvalonBay will be even more active in 2001. Along with Weymouth, the company is also seeking approvals in Marlborough and Westborough, and is exploring potential sites in several other locations. “We could literally have three or four groundbreakings [in Massachusetts] next year,” says McLaughlin. AvalonBay also recently began construction of another new complex in Hull, with 162 units slated for construction in that South Shore community.