ARLINGTON, VA-Last quarter AvalonBay Communities sold four apartment projects, including two communities acquired as part of the Archstone acquisition—one of which was in the Wheaton, MD submarket.
The communities were the Sound East, in New Rochelle, NY; Avalon Rosewalk, in San Jose, CA; Archstone Vanoni Ranch, in Ventura, CA; and Archstone Wheaton Station. The REIT, which reported the sale as part of its quarterly earnings report, released on Wednesday, said communities sold for an aggregate sales price of $495 million and a weighted average initial year market cap rate of 4.8%.
The Archstone Wheaton Station was recorded as trading for $57 million to the Chicago-based Mesirow Financial. A source tells GlobeSt.com that the lender in the transaction was Firemans Fund Insurance with a loan of $37.1 million.
For the three months ending December 31, 2013, AvalonBay Communities reported that Funds from Operations – a key financial metric for REITs -- increased 18.9% to $1.51 from $1.27 compared to the same period last year.
FFO per share for 2013 decreased 5.1% to $5.05, from $5.32 in 2012.
Other notable activity for the quarter included the delivery of four communities with an aggregate of 1,115 apartment units that were constructed for an aggregate of $222.3 million.
It also started the construction of four communities in Lake Forest, CA; Vista, CA; Bloomfield, NJ; and Avalon Glendora, which will deliver 1,131 units for a cost of $319.7 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
