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CoStar |
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One of the largest owners of apartments in the country issued $350 million in debt at a time when higher interest rates have dampened the appetite for such offerings. Northern Virginia-based AvalonBay Communities announced the senior unsecured notes will pay investors a 5% yield. The effective interest rate is 4.373%, according to the company. AvalonBay, the fourth-largest apartment owner in the country, according to the National Multifamily Housing Council’s annual ranking, said it expects to use the net proceeds for prospective acquisitions, development and redevelopment of apartment properties, working capital and general corporate purposes. In September, the company issued 2 million shares of stock in which the company expects to receive $494.2 million in proceeds. CoStar |