AvalonBay Communities Inc. sold two wholly owned operating communities during the second quarter for $195 million.
The multifamily real estate investment trust also said it broke ground on two new communities for a total expected cost of roughly $205 million, adding that it is also expecting to sell two additional communities for around $280 million.
In addition, the company said it is expecting its total rental revenue for the second quarter to increase by between 2.4% and 2.5% year over year.
