AvalonBay Communities, Inc. Enters Denver Market with Acquisition of The Lodge Denver West
September 05 2017 - 8:30AM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
announced today that it acquired The Lodge Denver West, a 252-unit
apartment home community completed in 2016, located in Lakewood,
Colorado. The Company acquired the community on September 1, 2017
for a purchase price of approximately $76.8 million. The
acquisition marks AvalonBay’s entry into the Denver metropolitan
area.
“We are excited to announce our entry into the Denver market
with the acquisition of The Lodge Denver West,” commented Matt
Birenbaum, Chief Investment Officer of AvalonBay. “Denver shares
many of the best characteristics of our established core markets
and has become an attractive region for well-educated workers in
knowledge-based industries that are driving the 21st Century
economy. We look forward to growing our presence in the greater
Denver area over time, through a combination of acquisitions and
new development activity.”
About AvalonBay Communities, Inc.
As of June 30, 2017, the Company owned or held a direct or
indirect ownership interest in 287 apartment communities containing
83,123 apartment homes in 10 states and the District of Columbia,
of which 23 communities were under development and nine communities
were under redevelopment. The Company is an equity REIT in the
business of developing, redeveloping, acquiring and managing
apartment communities in leading metropolitan areas in New England,
the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific
Northwest, and the Northern and Southern California regions of the
United States. More information may be found on the Company’s
website at http://www.avalonbay.com.
Copyright © 2017 AvalonBay Communities, Inc.
All Rights Reserved
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version on businesswire.com: http://www.businesswire.com/news/home/20170905005034/en/
Media Relations Contact:AvalonBay Communities, Inc.Kurt
ConwaySenior Vice President, Brand Strategy &
Marketing703-317-4611orInvestor Relations Contact:AvalonBay
Communities, Inc.Jason ReilleySenior Director, Investor
Relations703-317-4681
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