AvalonBay buys land to build Tysons apartments

Monday, September 13, 2010

AvalonBay Communities said it has bought a 2.64-acre parcel off Westpark Drive in Tysons Corner for $13.3 million, where it plans to build a 354-unit luxury apartment complex within walking distance of the shopping malls and future Metrorail stations. In addition, the Arlington-based developer said it has bought a Orange County, Calif., community of 628 apartment homes for $98.5 million. The purchase of Creekside Meadows is the fourth acquisition by AvalonBay's Value Added Fund II, which has now spent $234 million to buy 1,542 apartments nationwide. The company said it plans to use the fund to invest about $1.1 billion in real estate.

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