On October 7, 2009, AvalonBay Communities, Inc. (the "Company") announced that it accepted for purchase the principal amount of its outstanding notes set forth below, which were validly tendered pursuant to its previously announced cash tender offer for such notes (the "Tender Offer"). The Tender Offer expired at 12:00 midnight, New York City time, on Monday, October 5, 2009. Payment for the notes purchased pursuant to the Tender Offer was made on Tuesday, October 6, 2009. The aggregate principal amount of the notes accepted for payment was $300 million. The aggregate consideration for the notes accepted for payment, including accrued and unpaid interest of approximately $3.6 million and, to the extent applicable, early tender premium, was approximately $328 million. The tender premium paid by the Company in excess of par, approximately $24.7 million, will be recorded as a charge to earnings in the fourth quarter of 2009.

                                              Per $1,000 Principal Amount
                                                                                          Aggregate
                      Acceptance                         Early                            Principal
                       Priority      Tender Offer        Tender           Total        Amount Accepted
Title of Security       Level       Consideration       Premium       Consideration     for Purchase
7.500% Medium-Term

The Tender Offer was made pursuant to the Offer to Purchase dated September 8, 2009 and the related Letter of Transmittal. Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc. acted as the Lead Dealer Managers for the Tender Offer, and BofA Merrill Lynch and Wells Fargo Securities, LLC acted as the Co-Dealer Managers for the Tender Offer.

A copy of the press release announcing the completion of the Tender Offer is filed herewith as Exhibit 99.1.

(d) Exhibits.

Exhibit No. Description

99.1 Press Release, dated October 7, 2009.