Initial occupancy took place in the first quarter of 1999. Theprojected stabilized average leased rent is approximately $2,144per month. The community features such amenities as acontrolled-access gate system, concierge services, clubroom,fitness center, squash court, business center and conference room.Avalon Willow has a landscaped courtyard, barbecue and picnic areaand an outdoor swimming pool. The homes come with full-size laundryappliances, deluxe kitchens, walk-in closets and optional apartmentupgrades such as gas-burning fireplaces, lofts and wrap-aroundbalconies.

Bryce Blair, chief operating officer of the company, says it isdeveloping several other rental apartment communities inWestchester County. In Downtown New Rochelle, constructioncontinues on its Avalon On the Sound venture. The first phase, a24-story 412-unit high rise now under construction, is scheduledfor completion year-end 2001. Occupancy is set for spring of nextyear. When completed, it will total approximately 1,000 rentalapartments.

The Avalon on the Sound project, estimated at between $90million to $100 million, is part of New Rochelle's ongoing downtownrevitalization effort. Nearby the Avalon site is the New Roc Cityfamily entertainment complex, developed by Cappelli Enterprises ofValhalla, which opened late last year.