AvalonBay: Gilbert Meyer to Retire




    AVALONBAY COMMUNITIES ANNOUNCES RETIREMENT OF GILBERT M. MEYER FROM
       MANAGEMENT; TO CONTINUE AS MEMBER OF THE BOARD AND CONSULTANT


(ALEXANDRIA, VA), March 24, 2000--AvalonBay Communities, Inc. (NYSE:AVB)
announced today that Gilbert M. Meyer, the Company's Executive Chairman of
the Board, will retire from his current management position as Executive
Chairman on May 10, 2000, the date of the Company's annual meeting.  Mr.
Meyer will stand for reelection as a director at the annual meeting and
intends to continue serving on the Board of Directors.  In addition, Mr.
Meyer has entered into a three year consulting agreement with the Company
which will become effective upon his retirement.  Mr. Meyer was the
founder, Chairman and Chief Executive Officer of Bay Apartment Communities,
Inc., which merged with Avalon Properties in June 1998.  He remains the
Company's largest private shareholder.

"Mike is a recognized leader in the multifamily apartment industry.  He not
only led Bay Apartment Communities to a position as the premier apartment
company on the West Coast, but also has been a driving force behind our
success as a merged company over the past two years," said Richard L.
Michaux, President and Chief Executive Officer of AvalonBay.

"AvalonBay's management team and I look forward to receiving Mike's
continued valued counsel and advice in areas such as strategic planning,
asset sales, and community developments and redevelopments," he added.

Mr. Meyer noted that the first quarter of 2000 marks the sixth anniversary
of Bay Apartment Communities' initial public offering and the second
anniversary of the Bay-Avalon merger announcement.

"The integration of the two companies is now behind us and we are realizing
the growth opportunities, as well as the benefits of management depth and
selected geographic diversification, that we envisioned when we combined
the two entities," Meyer noted. "During my stewardship as the Chairman and
CEO at Bay and then as the Executive Chairman at AvalonBay, the Company has
more than doubled Funds From Operations (FFO) per share, averaged a more
than 14 percent annual increase in FFO per share and generated a total
compounded annual return to shareholders from stock appreciation and
dividends of approximately 20 percent."

"I have great confidence in the management team in place at AvalonBay.  I
have recently celebrated my 55th birthday. For both me and the Company's
management team, this seemed an opportune time to make an orderly
transition which will enable me to direct some of my efforts to other
areas, while continuing to be involved with the Company as a consultant and
director," Mr. Meyer said.   Mr. Meyer also indicated that the Board of
Directors has expressed its intention that, following his retirement as
Executive Chairman at the conclusion of the 2000 annual meeting of
stockholders in May, Mr. Michaux will assume the additional title of
Chairman of the Board.

About AvalonBay

AvalonBay, named the NAHB Development Company of the year 1998/1999 and the
Property Management Company of the Year 1996/1997, owns or holds an
ownership interest in 134 apartment communities containing more than 38,181
apartment homes in 12 states and the District of Columbia, of which 12
communities are under construction and four other 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 Gilbert M. Meyer, Executive
Chairman of the Board, at (408) 260-3715, Richard L. Michaux, President and
Chief Executive Officer, at (713) 317-4601 or Thomas J. Sargeant, Executive
Vice President and 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 and Section 21E of the Securities
Exchange Act of 1934. The forward-looking statements contained in this
release are statements that are subject to certain risks and uncertainties,
including, but not limited to, possible changes in 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 matters detailed in the
Company's filings with the Securities and Exchange Commission, including
the Company's Annual Report on Form 10-K for the fiscal year ended December
31, 1998 under the heading "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Forward-Looking
Statements". Management generally considers Funds from Operations ("FFO")
to be an appropriate measure of the operating performance of the Company
because it provides investors an understanding of the ability of the
Company to incur and service debt and to make capital expenditures. FFO is
determined based on a definition adopted by the Board of Governors of the
National Association of Real Estate Investment Trusts which may differ from
the methodology for computing FFO used by other REITs, and, accordingly,
the Company's calculation of FFO may not be comparable to such other REITs.
Statements as to historical earnings or FFO growth, or stock appreciation
and dividend growth, should not be relied on as indicators of future
increases in earnings, FFO, stock price appreciation or dividends.




     Copyright - 2000 AvalonBay Communities, Inc. All Rights Reserved


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