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.