AvalonBay Sells Two Assets for Combined $142.6M
Avalon Rothbury in Gaithersburg, MD
AvalonBay Communities, Inc. has sold two assets this year for a combined total of $142.6 million.
Avalon Yerba Buena in San Francisco, CA, which has 160 apartment homes and 32,000 square feet of retail space, was sold for $103 million.
Avalon Rothbury in Gaithersburg, MD, which has 205 apartment homes, sold for $39.6 million.
AvalonBay said Thursday that it projects a 19.4 percent drop in its Funds from Operations (FFO) for 2013, which was short of projections. The company’s stock closed down 4.31 percent.