Avalon Belltown, mid-rise property containing 100 apartment homes, is located two blocks from the Seattle waterfront and six blocks from the renowned Pike Place Market. Monthly average rents per home are approximately $1,660. At that rate, the property would generate annual gross revenues of nearly $2 million.

Avalon Bay executives have not returned GlobeSt.com phone calls seeking information on preleasing efforts and the project's lender, among other things. The straight math says the company spent $187,000 per unit on the project, but it is unclear if the $18.7-million figure included land acquisition costs or just development costs.

AvalonBay is a publicly-traded company headquartered in Alexandria, VA. It owns or holds an ownership interest in 139 apartment communities containing 40,602 apartment homes in eleven states and the District of Columbia, of which fifteen communities are under construction and three are under reconstruction.