ARLINGTON, Va.--(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.
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