AvalonBay Communities Announces Market Common Clarendon Acquisition

AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (“AvalonBay” or the “Company”) announced today that, together with Regency Centers Corporation (“Regency”), it has acquired Market Common Clarendon from TIAA Global Asset Management. The asset is comprised of a mixed-use development located in Arlington, VA that features 300 apartment homes, 300,000 square feet of retail and 100,000 square feet of additional space.In order to facilitate the acquisition, AvalonBay and Regency have formed an agreement under which AvalonBay will acquire the attributes of the residential component of Market Common Clarendon and Regency will acquire the retail and all remaining components. The purchase price for Market Common Clarendon was $406.0 million, of which AvalonBay contributed $120.3 million.