AvalonBay Sells 474-Unit Houston Apartment Community for $98M
HOUSTON — AvalonBay Communities (NYSE: AVB), a Virginia-based multifamily REIT, has sold Archstone Toscano, a 474-unit multifamily community in Houston, for $98 million. The company announced the deal in its first-quarter earnings report. Built in 2013, the community offers one-, two- and three-bedroom units ranging in size from 642 to 1,745 square feet and offering stainless steel appliances, walk-in closets and individual washers and dryers. Amenities include a resort-style pool with a sundeck, fitness center, business center, outdoor grilling areas, access to hiking and jogging trails and a clubroom with a TV and coffee bar. The buyer was not disclosed.