Avalon: Buys Site in Stamford, CT


AvalonBay Communities, Inc.

For Immediate Release
August 12, 1998

          AVALONBAY COMMUNITIES ANNOUNCES THE PURCHASE OF 3+ ACRES
                        IN DOWNTOWN STAMFORD, CT 

AvalonBay Communities, Inc. (NYSE/PCB: AVB), announced today that it has
purchased a 3+ acre site in Stamford, CT for the development of 195 luxury
apartment homes.  The community will be named Avalon Corners.  Avalon Corners
will be located in downtown Stamford on Washington Boulevard in close proximity
to the downtown business district, commuter trains, the new University of
Connecticut Stamford Campus and Interstate-95.  Avalon Corners will be
AvalonBay's third apartment community built in Stamford.

Avalon Corners will be constructed in a single four-story building with
elevators and one-story underground parking facilities.  The floor plans will
consist of a mix of 118 one-bedroom and 77 two-bedroom layouts.  The average
net rentable square footage per apartment home will be 953 square feet.  Each
apartment home will feature designer kitchens, large walk-in closets, and
full-size washers and dryers.  Select apartment homes will feature lofts and
gas burning fireplaces.  The clubhouse/leasing office will feature a clubroom,
billiards room, resident business center, conference room and a state of the
art fitness center.  The courtyard will include a large heated swimming pool, a
picnic area with barbecue grills, walking paths and landscaped seating areas.

Avalon Corners is budgeted to cost $32.5 million with a projected stabilized
yield of 10.4%.  Construction will commence immediately and is expected to be
completed during the 2nd Quarter of 2000.  Leasing is expected to commence in
the 2nd Quarter of 1999, with stabilized occupancy anticipated during the 3rd
Quarter of 2000.

This announcement 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 words "expect", "anticipate", "estimate",
"projected", "budgeted", and other similar expressions which are predictions of
or indicate future events and trends and which do not relate solely to
historical matters, including information concerning the Company's future FFO
estimates, identify forward-looking statements.  Reliance should not be placed
on forward-looking statements because they involve known and unknown risks,
uncertainties and other factors, which are in some cases beyond the control of
the Company and may cause the actual results, performance or achievements of
the Company to differ materially from anticipated future results.  Factors that
impact the Company's ability to meet these forward-looking statements include,
but are not limited to, the market acceptance of the Company's new development,
local market conditions, the ability to achieve projected costs and other
factors discussed periodically in the Company's reports filed with the
Securities and Exchange Commission.

AvalonBay is an equity REIT operating in the high barrier-to-entry markets of
the United States.  The Company, named the Property Management Company of the
Year for 1996/1997 and Development Company of the Year for 1997/1998 by the
National Association of Home Builders, owns 145 communities totaling 42,318
apartment homes in 29 distinct markets, of which 16 communities are under
construction and 23 are or will be under reconstruction.  In addition, the
Company holds future development rights for 22 communities.  For more
information on AvalonBay, visit the Company's website at
http://www.avalonbay.com.  For additional information, please contact Richard
L. Michaux, CEO, at (703) 317-4601 or Bryce Blair, Senior Vice President -
Development & Acquisitions at (617) 847-1250.




Ends.