Avalon: Prices Notes Offering

                        AvalonBay Communities, Inc. 

For Immediate Release
July 19, 1999

                     AVALONBAY COMMUNITIES, INC. PRICES 
                   $150 MILLION MEDIUM-TERM NOTES OFFERING

(Alexandria, VA)  AvalonBay Communities, Inc. (NYSE/PCX Symbol:AVB) announced
today that the Company priced a $150 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 1 and August 1 and will mature on August 1, 2009. 
These ten-year notes, rated Baa1 by Moody's Investors Service and BBB+ by
Standard & Poor's, were issued at 99.531% of par value with a coupon of 7.50%
and yield to investor of 7.57%.  The Company will use the net proceeds of
approximately $148.4 million to repay amounts outstanding under the Company's
unsecured credit facility.  Settlement is scheduled for July 23, 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, currently owns or holds
an ownership interest in 137 apartment communities containing 39,739 apartment
homes in 16 states and the District of Columbia, of which 12 communities are
under construction and 13 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.



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


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