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OMB APPROVAL
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OMB Number 0325-0104
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Avalon Properties, Inc.
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(Last) (First) (Middle)
15 River Road
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(Street)
Wilton, Connecticut 06897
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
03/09/1998
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
Bay Apartment Communities, Inc. / BYA
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Year)
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7. Individual or Joint/Group Filing (Check applicable line)
[ X ] Form Filed by One Reporting Person
[ ] Form Filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr.5)
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<S> <C> <C> <C>
Common Stock, par value
$.01 per share 5,212,000 D
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</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
5(b)(v)
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Page 1 of 2
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FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Common Stock, par
Stock Option Agreement (b) (b) value $.01 per share 5,212,000(a) $37.00 D
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</TABLE>
Explanation of Responses:
(a) Beneficial ownership of the 5,212,000 shares of the Bay Apartment
Communities, Inc. ("Bay") Common Stock reported herein (the "Option Shares")
is being so reported solely as the result of the option (the "Option")
granted pursuant to the Stock Option Agreement described under "Derivative
Securities Beneficially Owned." Since such Option has not yet become
exercisable, Avalon Properties, Inc. ("Avalon") expressly disclaims
beneficial ownership of the Option Shares and this report shall not be
deemed an admission that Avalon is the beneficial owner of such securities
for purposes of Section 16 or for any other purpose.
(b) The Option becomes exercisable upon the occurrence of certain events, none
of which has occurred as of the date hereof. The Option will expire upon
the occurrence of certain events.
The Option is more fully described in the Schedule 13D filed by Avalon on
March 18, 1998.
/s/ Thomas J. Sargeant March 18, 1998
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient. See Instruction 6 for procedure.
Alternatively, this form is permitted to be submitted to the
Commission in electronic format at the option of the reporting person
pursuant to Rule 101(b)(4) of Regulation S-T.
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