In the third quarter, AvalonBay completed Avalon Essex in nearbyPeabody. Essex is a 154-apartment project adjacent to the NorthShore Mall, a recently renovated 1.4-million-sf regional mall.Essex, which is being marketed as the first luxury apartmentcommunity built on Boston's North Shore in more than 15 years, hasapparently hit another milestone as well--it beat the originallease-up projection by some 45 days, according to president and CEOBryce Blair.

Boston hasn't been the REIT's only area of concentration. The128-unit Avalon Haven in New Haven, CT also reached completion inQ3. Haven, too, beat its lease-up expectations by 45 days, saysBlair. "Average per-home rents at Essex and Haven are $1,799 and$1,430, respectively," says the executive. "This exceeded ouroriginal expectations by approximately 7.0% and 2.0%." Totalconstruction costs aggregated to $36 million.

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John Salustri

John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.