New York—AvalonBay Communities, Inc., a real estate investment trust (REIT) with multifamily apartment communities in high barrier-to-entry markets of the United States, announced the introduction of two new apartment community brands, “AVA” and “eaves.” The new brands will be offered in addition to the company’s existing apartment community brand, “Avalon.”
The new “AVA” brand is designed to attract the increasing number of people, particularly the Gen Y segment, who want to live in or near urban neighborhoods. Located in close proximity to restaurants, nightlife, shopping and public transportation, “AVA” communities will generally have smaller apartments, many engineered for roommate living. They will feature modern design, a technology focu, and amenities that maximize the social experience of residents. The “AVA” brand will grow primarily through new development and redevelopment. “AVA” communities have already opened in the Nob Hill neighborhood of San Francisco and the Queen Anne and Belltown sections of Seattle. Construction has recently begun on “AVA” communities in Manhattan’s Chelsea neighborhood, Washington DC’s H Street District and Seattle’s Ballard area.
The new “eaves” brand addresses a segment of renters that seek good quality apartment living with practical and functional amenities and services. The “eaves” communities will tend to be located in suburban areas and offer more moderately priced apartments. This brand will grow through redevelopment and acquisition. In 2012, the Company plans to redevelop approximately 10 communities and reflag another 20 to 25 properties as “eaves.”