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ARLINGTON, VA-AvalonBay Communities Inc. has completed construction on phase I of Avalon at Arlington Square here. Phase I consists of 510 units, and was constructed at a cost of $69.9 million. In a statement, AvalonBay said the community is 93% leased. The second phase of this project began in late August. Avalon at Arlington Square will ultimately consist of 842 apartments. The second phase of 332 apartment homes should be completed by the first quarter of 2003 at a cost of about $44 million. The monthly average stabilized rents per home were expected to be about $1,695 a month, but have been running higher than projections at $1,840.

Alexandria, VA-based AvalonBay presently owns or holds an ownership interest in 140 apartment communities, with 41,300 apartment units. Of that total, 13 communities are under construction and three are being redeveloped.

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