Asking rents at AvalonBay Communities’ Ava Theater District tower declined 29 percent in 2020.
Average rents at AvalonBay Communities’ 5,348 apartment homes in Greater Boston increased 5.4 percent from the previous year to $2,322 during the fourth quarter with an occupancy rate of 96 percent, the Arlington, Virginia-based multifamily developer said.
AvalonBay completed three local multifamily developments during the fourth quarter, including its urban-concept AVA Theater District property in Boston, Avalon Marlborough and Avalon Framingham.
The 30-story, 398-unit AVA Theater District tower at 45 Stuart St. is 63 percent leased with average rents of $3,835, the company reported in its fourth quarter financial statement. The 350-unit Avalon Marlborough, which opened in the first quarter, is 86 percent leased with average rents of $2,060, while the 180-unit Avalon Framingham complex is 83 percent leased with average rents of $2,225.
Avalon also is building a 38-story, $258-million tower next to Boston’s North Station scheduled for completion in 2017. It projects rents at the 503-unit building of $3,575.
AvalonBay owns more than 51,000 apartment units in New England, the New York-New Jersey metro area, Washington, D.C. area, California and Seattle.
