1. AvalonBay Communities
Discussion on Inclusionary Zoning
May, 2014
Avalon Danvers – 433 Apts.
Completed 2008
Avalon Exeter – 187 Apts.
To Be Completed 2014
Avalon Natick – 407 Apts.
Completed 2013
Avalon Cohasset – 220 Apts.
Completed 2012
Avalon Natick – 407 Apts.Avalon Danvers – 433 Apts.
Avalon Cohasset – 220 Apts.

2. AVALONBAY BOSTON REGIONAL SUMMARY
 Current Boston Area Portfolio: 8,458 apartments in 25 communities.
 Communities Under Construction: 1,679 apartments in 6 communities
representing an investment of over $550 Million.
 Developments in Pipeline: 1,634 apartments in 5 communities
representing an investment of over $500 Million.
 Since 1994, AvalonBay has developed 7,219 apartment
homes in 31 communities representing an investment of over $1.2 Billion.
 Over 80% of these developments subject to Inclusionary Zoning.
AvalonBay Boston Regional Summary

3.  Apartment Homes:~187
 Status: Under Construction
 Capitalization: ~$100 Million +
 Average SF: ~1,069
 Overview:
 28-story high rise located in Boston’s Back Bay
Neighborhood. Development is the result of a 10+
year effort between AvalonBay and the City of
Boston as part of the Prudential Center
redevelopment.
Inclusionary Zoning: Case Study
Avalon Exeter

4.  Mayor’s Executive Order for Affordable Housing:
 15% of market units affordable, onsite
or
 $200,000 per unit for 15% of units, offsite
 AvalonBay currently owns 781 apartments at the
Prudential Center.
 A unique opportunity to maximize affordable
housing program in the Back Bay.
Avalon Exeter

5. Key Elements to expanding affordable housing
program:
Under Mayor’s Ordinance, 15% of market units, or 24
apartments located on site.
 Expand program by including more units on lower
floors.
 Expand program by shifting apartments to existing
towers.
 Result: Avalon Exeter program provides 46
affordable apartments, almost 2x’s the required
amount.
Avalon Exeter

6. Avalon Stuart Street
Boston, MA
Under Construction: 398 Apartments, 2015 Completion