AvalonBay Completes Sale of 80% Stake in Five NYC Apartment Communities

12/19/18

By Liz Kiesche, SeekingAlpha

AvalonBay Communities (NYSE:AVB) completes its contribution of it fee ownership of five Manhattan apartment communities to a newly formed joint venture with Invesco Real Estate.

AvalonBay retained a 20% stake in the venture and is acting as managing member of the venture and property manager for the assets.

AVB repaid about $194M of variable rate mortgage secured by two of the properties.

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