AvalonBay completes sale of 80% stake in five NYC apartment communities

|About: AvalonBay Communities, Inc. (AVB)|By:, SA News Editor

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.

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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