Friday, February 19, 2010
REAL ESTATE
AvalonBay cranks up apartment building
AvalonBay Communities, the second-largest publicly traded apartment owner in the United States, plans to start $400 million worth of construction this year, expecting record vacancies to give way to a rental shortage by 2012.
The Alexandria company began projects in Massachusetts and New Jersey in the fourth quarter after a nine-month hiatus, AvalonBay chief executive Bryce Blair said. Work on as many as seven more will get underway this year, as competitors wait for the market to improve or financing to become available.
http://www.washingtonpost.com/wp-dyn/content/article/2010/02/18/AR2010021805573.html
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