AvalonBay: $125 Million Medium-Term Notes Offering

For Immediate Release
January 27, 1999

AVALONBAY COMMUNITIES, INC. PRICES 
$125 MILLION MEDIUM-TERM NOTES OFFERING

(Alexandria, VA)  AvalonBay Communities, Inc. (NYSE/PCX Symbol: AVB) announced
today that the Company priced a $125 million offering of medium-term notes
under a shelf registration statement which has been declared effective by the
Securities and Exchange Commission.  Interest on the notes is payable
semi-annually on February 15 and August 15 and will mature on February 15,
2004.  The notes, rated Baa1 by Moody's Investors Service and BBB+ by Standard
& Poor's, were issued at par value with a coupon of 6.58%.  The Company will
use the net proceeds of approximately $124.3 million to repay amounts
outstanding under the Company's unsecured credit facility.  Settlement is
scheduled for January 29, 1999.

About AvalonBay Communities, Inc.

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 41,173 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, Chief Executive
Officer at (703) 317-4602 or Thomas J. Sargeant, Chief Financial Officer at
(703) 317-4635.




Ends.