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BOSTON-AvalonBay Communities Inc. is planning a redevelopment of Avalon at the Prudential Center, a 781-apartment community located Downtown. Total costs to redevelop the complex have been pegged at $155 million.

AvalonBay, which acquired the asset for $130 million in July of 1998, plans to begin work by the end of this year and wrap it up by the fourth quarter of 2002. The redevelopment plan will focus primarily on updating the common areas associated with the three towers, including entrances, lobbies and hallways, as well as the completion of apartment upgrades for a majority of the units.

The average leased rent per unit is expected to be approximately $2,800 per month once the work is done.

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