AvalonBay Communities, Inc. (NYSE: AVB) announced today the disposition of two communities in March 2013. The Company sold Avalon Decoverly, a 564 apartment home community located in Rockville, Maryland, and Crystal House, an 828 apartment home community located in Arlington, Virginia. Crystal House was acquired by the Company as part of its acquisition of certain assets and assumption of certain liabilities of Archstone Enterprise LP (now known as Jupiter Enterprise LP) on February 27, 2013 (the “Archstone Transaction”). Financial information regarding these sales is set forth in the following table ($ in millions):
These two communities were sold at a weighted average initial year market capitalization rate of 5.2%. The sale of Crystal House represents the Company’s interest in the leasehold improvements on the site. The proceeds from these sales will be used for general corporate purposes.