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Avalon Exeter and the New Wave

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Avalon Exeter and the New Wave
AvalonBay Communities? Bill McLaughlin
We asked AvalonBay Communities? Bill McLaughlin (above, at a recent Bisnow event) about the progress of his downtown apartment project, the $90M, 188-unit Avalon Exeter at the Pru. He says site work is underway with a fall construction start expected. AvalonBay already owns three apartments buildings with 781 units there. Bill says the location is prime and the Boston apartment market is on the rise. Indeed, Boston jumped from 8th (2010) to 3rd (2011) best US apartment market (after NYC and DC) in this year?s National Apartment Index published by Marcus & Millichap?s Institutional Property Advisers. The ranking is based on job growth, vacancy, rent, sales price, and construction forecasts. (Officially, which city has the best starting rotation wasn't considered . . . but can you ever ignore that?)