AvalonBay Communities, Inc. (NYSE: AVB), based in Arlington, announced that it would hold a public offering of 5,100,000 shares of common stock.
AvalonBay Communities will price the offering at $128.25 a share. Settlement of the sale is expected to be completed August 22, 2011.
Joint bookrunners for the offering were Morgan Stanley, Bank of America Merrill Lynch and J. P. Morgan.
AvalonBayapproved underwriters a 30-day option a supplementary 765,000 shares to cover overallotments.
With over 195 apartment communities and 56,516 units in D.C. and ten states, AvalonBay will use the proceeds -- expected to come to a net of $630.7 million -- to cover expenses and development and acquisitions of multifamily homes.