THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, May 24, 1995 TAG: 9505240557
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
TYPE: Digest
LENGTH: Short : 23 lines
Connecticut-based Avalon Properties Inc. purchased The Birches, a 312-apartment home community in Chesapeake, for $13.13 million, or $42,083 per apartment home. The Birches, completed in 1986, is a garden-apartment community located in a development adjacent to Interstate 64. Avalon Properties is an equity real estate investment trust that develops, acquires and manages apartment communities in the mid-Atlantic and the Northeast. Avalon owns or has a stake in 34 apartment communities containing 10,317 apartment homes in six states and the District of Columbia. (Bloomberg Business News) by CNB