Avalon: News Release AvalonBay Communities, Inc. For Immediate Release April 19, 1999 AvalonBay Communities, Inc. Announces the Stabilization of Four Development Communities AVALONBAY COMMUNITIES, INC. (NYSE/PCX: "AVB" ) announced today the stabilization of four development communities consisting of 1,770 apartment homes. Avalon Fields II in North Potomac, MD, and Avalon Gardens in Nanuet, NY, were stabilized in the third quarter of 1998 while Avalon at Cameron Court in Alexandria, VA, was stabilized in the fourth quarter of 1998. Toscana in Sunnyvale, CA, was stabilized in the second quarter of 1999. The aggregate stabilized yield for the four communities was 11.2%. Avalon Fields II is adjacent to Avalon Fields, an AvalonBay community, and is located in the heart of the I-270 corridor in Montgomery County, Maryland. This corridor has been the focus of most of the employment growth in suburban Maryland over the past ten years. The community consists of 96 stacked flat garden apartment homes in four-story walk-up buildings. Apartment home amenities include deluxe kitchens, private patios/balconies and full-size washers and dryers. Common area amenities include a clubhouse, a fitness center, a swimming pool, a tot lot and a car wash area. The capitalized construction cost of Avalon Fields II was $8.3 million and the initial year stabilized yield was 12.6% Avalon Gardens, a community located 30 miles north of New York City, is the only upscale rental community developed in the entire county of Rockland within the last two decades, which the Company attributes to a difficult permitting process. The community contains 504 apartment homes, of which 26% have attached garages. All homes are equipped with designer kitchens, large walk-in closets, decks and full-size washers and dryers. The two-level club house contains a community room, two racquetball courts, a half-court basketball court, an exercise room, a tot room, business center and game room. Outdoor amenities include tennis courts, a basketball court, a tot lot, a swimming pool and a volleyball court. The capitalized construction cost for Avalon Gardens was $53.4 million and the initial year stabilized yield was 11.4%. Avalon at Cameron Court is located 1.2 miles from historic Old Town Alexandria and .3 miles from a metro station. The 460 apartment home community consists of a combination of luxury garden apartments and townhomes. Avalon at Cameron Court features fully equipped designer kitchens, large walk-in closets, full-size washers and dryers and optional gas burning fireplaces. Avalon at Cameron Court has numerous community amenities including a clubhouse featuring a fitness center with multi-station weight and aerobic equipment, an indoor multi-purpose court, resident business center and conference room and a club room with kitchen/bar. Outdoor amenities include a swimming pool, a sand volleyball court, a heated spa, landscaped courtyards with gas grills and picnic areas, a large central "village green," and controlled access perimeter fencing and gates. The capitalized construction cost of Avalon at Cameron Court was $43.2 million and the initial year stabilized yield was 12.5%. Toscana is centrally located in the heart of Silicon Valley at the intersection of two of the Valley's transportation corridors. This 710 apartment home community features classic mediterranean-style architecture with terra-cotta tile roofs in a village-style neighborhood setting. Individual home amenities include lofty nine or ten foot ceilings, ample storage, wood-burning fireplaces with marble hearths and elegant open kitchens. Community amenities include two heated swimming pools, a private park featuring barbecues and picnic tables, a fitness center and a resident business center with computer workstations and conference facilities. The capital construction cost of Toscana was $119.9 million and the initial year stabilized yield was 10.5%. 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 140 apartment communities containing 40,920 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 regarding this news release, please contact Richard L. Michaux, Chief Executive Officer at (703) 317-4602 or Bryce Blair, Chief Operating Officer, at (617) 847-1250. Detailed press releases including full text 10Q and 10k are also available at no charge from Corporate Financials Online at http://www.cfonews.com/avb. 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. If you would like to receive future press releases via e-mail please register through our web site at http://www.avalonbay.com. Select "Press Registration" under "Contact Us" to add your name to our e-mail list. Ends.