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                         AvalonBay: Dividend News Release


For Immediate Release
March 17, 1999

                     AVALONBAY COMMUNITIES DECLARES
                        FIRST QUARTER DIVIDENDS


AVALONBAY COMMUNITIES, INC. (NYSE/PCX Symbol: AVB) announced today that its
Board of Directors declared dividends on the Company's Common Stock (par value
$.01) and the Series C, Series D, Series F, Series G and Series H Cumulative
Redeemable Preferred Stock for the first quarter of 1999. The Common Stock
dividend is 51 cents per share and is payable on April 15, 1999 to all common
stockholders of record as of April 1, 1999.  The Series C, Series D and Series
H Cumulative Redeemable Preferred Stock dividends are 53.125 cents per share,
50 cents per share and 54.375 cents per share, respectively, and are payable on
June 15, 1999 to all Series C, Series D and Series H shareholders of record as
of June 1, 1999.  The Series F Cumulative Redeemable Preferred Stock dividend
is 56.25 cents per share.  The Series G Cumulative Redeemable Preferred Stock
dividend is 56 cents per share.  The Series F and Series G Cumulative
Redeemable Preferred Stock dividends are payable on May 14, 1999 to all Series
F and Series G shareholders of record as of April 30, 1999.
        
AvalonBay, named the NAHB Development Company of the year for 1998/1999 and the
Property Management Company of the Year for 1996/1997, owns or holds an
ownership interest in 141 apartment communities containing 41,172 apartment
homes in sixteen states and the District of Columbia, of which presently
fourteen communities are under construction and thirteen communities are under
reconstruction.  AvalonBay is an equity REIT in the business of developing,
redeveloping, acquiring and managing multifamily apartment communities in high
barrier-to-entry markets of the United States.  More information on AvalonBay
may be found on AvalonBay's Web Site at http://www.avalonbay.com.  For
additional information, please contact Richard L. Michaux, President and Chief
Executive Officer, at (703) 317-4602 or Thomas J. Sargeant, Chief Financial
Officer, at (703) 317-4635.

This release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.  The forward-looking statements
contained in this release are statements that involve risks and uncertainties,
including, but not limited to, the demand for apartment homes, the effects of
economic conditions, the impact of competition and competitive pricing, changes
in construction costs, the results of financing efforts, potential acquisitions
under agreement, the effects of the Company's accounting policies and other
risks detailed in the Company's filings with the Securities and Exchange
Commission.

Copyright (c) 1999 AvalonBay Communities, Inc. All Rights Reserved




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