Princeton HealthCare System Announces AvalonBay Communities, Inc. to Buy Hospital Building and Nearby Homes

Aug 2, 2011

Princeton HealthCare System (PHCS) has reached an agreement with AvalonBay Communities, Inc. for the sale of the University Medical Center at Princeton building on Witherspoon Street and nine houses that PHCS owns on Harris Road. PHCS is building a replacement hospital that is scheduled to open in Plainsboro in 2012.

"We are deeply committed to the Princeton community and wanted to find a buyer that has a strong track record of being an excellent community partner. We have found that in AvalonBay," said Barry S. Rabner, President and CEO of PHCS.

"We are very excited to have been chosen by PCHS and look forward to working with all of the stakeholders to design and build a community that not only enhances the lives of our residents, but also the community at large. As one of the most active developers in New Jersey with three communities currently under construction and additional communities scheduled to start construction later this year, we are eager to expand our presence in the Princeton market, " said Ron Ladell, Vice President, AvalonBay Communities

AvalonBay Communities, Inc. is a NYSE-listed real estate investment trust that develops, redevelops, acquires and manages high quality apartment communities throughout the United States. As of June 30, 2011, AvalonBay owned or held an interest in 195 apartment communities, with over 56,000 apartment home units in ten states and the District of Columbia with thirteen communities consisting of over 4,800 apartment homes in New Jersey. The company has received dozens of awards for outstanding design and management by the National Association of Home Builders and many other organizations.

PHCS is a leading provider of healthcare services. This highly respected not-for-profit community health system provides acute care, behavioral health, rehabilitation, home care, fitness and wellness and outpatient surgical services. Its acute care hospital, University Medical Center at Princeton (UMCP), has been recognized nationally as a Top Hospital for patient safety and quality by the Leapfrog Group in 2008, 2009 and 2010. It was ranked number one in quality and safety by Leapfrog in 2010. UMCP is a teaching hospital affiliate of the University of Medicine and Dentistry of New Jersey - Robert Wood Johnson Medical School and a clinical research affiliate of The Cancer Institute of New Jersey.