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SAUGUS, MA-AvalonBay Communities, Inc. began construction on Avalon at Stevens Pond, a 326-unit luxury apartment community. The complex is the first new apartment community to be built in this town in over 25 years.

The $55.4 million project–located right near Route 1, eight miles north of Boston–will include 240 one-, two- and three-bedroom apartments and 86 two-bedroom townhouses with garages. The monthly average stabilized rent per home is expected to be approximately $1,875.

Within the community, there will be additional features such as a clubhouse, a fitness center, a basketball court, an outdoor pool and picnic areas. Initial occupancy is expected in the second quarter of 2003, and construction is expected to be completed in the second quarter of 2004.

AvalonBay is headquartered in Alexandria, VA and currently owns or holds an ownership interest in 146 apartment communities containing 42,914 apartment homes in eleven states and Washington, DC. The company focuses on developing apartment communities in high barrier-to-entry markets in the US.

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