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Any Takers for a Stake in $1.2 Billion of Manhattan Apartments?

Sarah Mulholland
Any Takers for a Stake in $1.2 Billion of Manhattan Apartments?

Apartment landlord AvalonBay Communities Inc. is marketing a stake in roughly $1.2 billion of its Manhattan real estate, according to people with knowledge of the offering. AvalonBay is seeking a buyer for a 50 percent interest in a group of seven properties, including buildings in the Chelsea and Morningside Heights neighborhoods, said the people, who asked not to be identified because the matter is private. A representative for Arlington, Virginia-based AvalonBay declined to comment.