Blair, 42, has held positions of increasing responsibility across a broad range of functions during his 16-year tenure with the company and its predecessors. In his role as president and COO, Blair led the company's development, construction, property operations and investment departments to record results, according to company officials.

The company also announced additional senior management changes. Tim Naughton, 39, current chief investment officer, will assume the COO position; Sam Fuller, 39, senior vice president of development and construction will become executive vice president of development and construction; Leo Horey, 38, regional vice president of property operations on the West Coast, will assume the title of senior vice president of property operations, relocating to AvalonBay headquarters in Alexandria, VA from San Jose, Calif. The company also announced that Robert Slater, current executive vice president of property operations, will leave the company on April 30.

"Bryce has been an essential member of the executive team, and an effective leader as the company developed its strategy and executed the plan that led to record results in 2000," says Michaux. "Today's announcement is the culmination of a thoughtful succession plan over several years.

"Bryce and I have worked together for the past 16 years," he continues, "and I expect this to be a seamless transition. I am confident Bryce will provide the leadership to execute strategies that will build on the momentum of our record-setting year… We are pleased to have assembled, developed and retained a talented management team with deep bench strength. As we transition to new leadership, we are proud we were able to look to our own people to lead the company into the future."

AvalonBay Communities Inc. owns or has ownership interest in 138 apartment communities containing 40,738 apartment homes in 12 states and Washington, DC of which 12 communities are under construction and four communities are under reconstruction.