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.
New JV originated about $396M of secured financing.
AVB received net proceeds of about $470M from the transaction.
Previously: AvalonBay to sell 80% stake in five Manhattan apartment complexes (Oct. 4)
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