Avalon Arundel Crossing. Photo by AvalonBay CommunitiesWASHINGTON, DC–AvalonBay Communities is expanding its market share into Denver and Southeast Florida, but the apartment REIT is still recycling capital in the local market.
In September 2018, it acquired the 310-unit Avalon Arundel Crossing, located in Linthicum Heights, Md., for $83 million. The following month it sold Avalon at Fairway Hills – Fields, which currently is in the first phase of a three-phase community, in Columbia, Md., and Avalon Fashion Valley in San Diego for a total of $110.2 million. It also sold in Q3 Avalon Ballston Place in Arlington, Va., for $169 million. The 383-unit apartment building has about 5,000 square feet of retail space.
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Also in October, it purchased Alexander Apartments and Lofts, in West Palm Beach, FL, a 290-unit complex that traded for $103 million.
It also sold in Q3 Avalon Ballston Place in Arlington, Va., for $169 million. The 383-unit apartment building also has about 5,000 square feet of retail space.
During its earnings presentation the REIT said that it was on track to complete the acquisition of four communities before year-end, including two suburban garden properties in the Denver area, the high-rise in downtown West Palm Beach and a garden community in the Baltimore-Washington Corridor just north of BWI Airport and the NSA headquarters at Fort Meade.
When the year ends the REIT will have been a net seller of assets, Matthew H. Birenbaum, the company's chief investment officer, said. The REIT will have sold over $1.2 billion in wholly-owned assets by year-end, which after netting out $335 million in planned acquisitions, leaving it a net seller of roughly $895 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.
