Teaneck—Avalon Bay Communities was invited to give a presentation at the Teaneck Council meeting last Tuesday, regarding their pending purchase of World of Wings to develop the property for rental apartment living. The sale is contingent on the rezoning of the property.

Representatives from the national company told the council that it manages $22 billion in residential rental multi-family apartments, from Virginia to Boston. The company also holds rental properties in Seattle as well as Northern and Southern California. Avalon Bay is publicly traded on the S&P 500.

In New Jersey, Avalon typically builds garden apartments and four-story elevator buildings. Avalon acts as its own contractor but hires locally. This particular residence is planned to be four stories, with 248 units, with a mix of mostly one and two bedrooms and a four-story connected garage for residents to park on their floor.

The representative who spoke at the council meeting said that Teaneck’s diversity was one of the main things that interested the company in buying the World of Wings property. It was also shared that the current tax revenue for the township is $200k. Avalon has predicted it to go up to $1 million.

The Avalon representative also sought to assure the council that the company was flush enough to finish the project regardless of market fluctuations. “We don’t borrow money to build projects. We are large enough and have cash flow enough that we build out of our own equity.” Information regarding Avalon Bay can be found on its website at http://www.avaloncommunities.com/about-us.

By Elizabeth Kratz