CHICAGO, IL – Equity Residential (NYSE: EQR) and AvalonBay Communities, Inc. (NYSE: AVB) announced a definitive agreement to combine in an all-stock merger of equals making one of the country’s leading real estate companies with the differentiated scale, capabilities, and balance sheet strength to expand margins, accelerate growth, and redefine leadership in rental housing. The new company will have a pro forma equity market capitalization of approximately $52 billion and a total enterprise value of approximately $69 billion, with more than 180,000 rental apartments.
Benjamin Schall, Chief Executive Officer and President of AvalonBay Communities, said, “This combination makes a new and fundamentally stronger company with differentiated capabilities that will drive structurally superior cash flow generation, earnings and dividend growth, and value for shareholders. As one of the country s leading developers of new apartments across our regions, we will directly increase the supply of both market rate and affordable housing. Drawing on the foundational strengths and industry-leading teams across both of our organizations, our ambition is to redefine leadership in rental housing for the benefit of residents, associates, and shareholders.
We are excited to partner with AvalonBay to continue Equity Residential s history of relentlessly seeking opportunities to make value for shareholders, said Mark J. Parrell, Equity Residential s President and CEO. The combined company s investors will benefit from accelerated growth from increased investment in operational innovation; a larger, self-funded development platform; and the variety of other value creation opportunities that world class scale affords. This, together with our similar cultures that prioritize exceeding the expectations of our employees and residents, positions the combined company to make exceptional value for its shareholders, customers and employees.
This is a transformative event in the apartment industry that will make long-term value for shareholders. By combining the two premier companies in the sector, we make a company with the size and scale to be a leading operator in the space as well as a major creator of new rental housing, said Steve Sterrett, Board Chair of the new entity and former long-time Chief Financial Officer of Simon Property Group. “Having spent decades helping build and lead one of the country’s fantastic real estate companies, I have a deep appreciation for what it takes to make enduring value in this industry, and I reckon the future prospects of this enterprise are tremendous.
Under the terms of the agreement, which has been unanimously approved by the Board of Directors of AvalonBay and the Board of Trustees of Equity Residential, AvalonBay shareholders will receive 2.793 shares of Equity Residential common stock for each share of AvalonBay common stock owned. Upon closing, AvalonBay shareholders will own approximately 51.2% and Equity Residential shareholders will own approximately 48.8% of the combined company on a fully diluted basis.
The transaction is expected to be completed in the second half of 2026, subject to shareholder approval by both AvalonBay and Equity Residential and satisfaction of other customary closing conditions. The transaction is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes.

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AUSTIN, TX – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, alongside the Housing Authority of Travis County, announced the groundbreaking of a new 348-unit affordable housing community in Southeast Austin. The development will deliver quality housing near major job centers, retail and dining options, with a focus on thoughtfully-designed residences for working professionals and growing families. All units are reserved for households earning up to 60 percent of the Area Median Income (AMI).
Sanara is designed for families seeking attainable rents in well-connected neighborhoods, a demographic that is often underserved in today s market, said Max Whipple, Vice President of Development at The NRP Group. By prioritizing curated amenities and high quality finishes in a thriving commercial corridor, we are making housing that better reflects how people live today. Through our partnership with Travis County, we are delivering modern, well-designed homes where families can thrive and grow alongside the community for decades to come.
This project marks The NRP Group s first tax credit partnership with the Housing Authority of Travis County and its third collaboration overall with the agency, building on prior developments in the region. The partnership reflects a shared commitment to expanding affordable housing options in high-growth areas across the county.
Located at 4401 E. Slaughter Lane, the development will span 13 three-tale residential buildings across a 56-acre site, with approximately 18 acres dedicated to residential use. The remaining land, designated as floodplain, will be dedicated to the City of Austin Parks Department and is plotted to connect to a broader network of trails across East Austin.
Situated less than 10 minutes from Interstate 35 and approximately 15 minutes from State Highway 130, the new development will offer residents convenient access to major employment hubs, including Tesla s Gigafactory and Samsung s semiconductor facilities. The surrounding area continues to grow, with a range of retail centers, grocery options, schools and other neighborhood-serving uses nearby, including Southpark Meadows, a shopping center less than 10 minutes away. Additional commercial development is underway along the East Slaughter Lane corridor, further expanding access to everyday amenities.
Expanding access to affordable housing in high-growth areas like Southeast Austin is critical to ensuring that working families are not priced out of opportunity, said Patrick Howard, Executive Director & CEO of The Housing Authority of Travis County. Sanara reflects our continued partnership with The NRP Group to deliver housing that is not only attainable, but thoughtfully designed to support long-term stability and quality of life for residents. This community will help meet growing demand across Travis County while connecting residents to nearby jobs, services and everyday amenities.
Sanara s unit mix is intentionally weighted toward family-oriented floorplans, with more than 60 percent of residences offering three- and four-bedroom layouts. Apartment homes include 12 one-bedroom units, 120 two-bedroom units, 144 three-bedroom units and 72 four-bedroom units, reflecting a focus on families and multigenerational households.
Residence interiors will feature stainless steel appliances, granite countertops, modern cabinetry, vinyl plank flooring and walk-in closets in all units, complemented by Energy Star appliances. Residents will have access to a 24-hour fitness center, business center with coworking space, clubhouse with a lounge and community kitchen, outdoor pool with lounge seating, children s activity center and on-site playground. Tailored on-site resident programs will include after-school care, financial literacy courses, ESL classes, first-time homebuyer programs and more, all offered at no cost to residents.
The development is supported by tax credit equity from MetLife Investment Management, with the tax credits syndicated by Redstone Equity Partners. Construction and permanent financing is being provided by PIMCO and arranged by Berkadia. Safehold is also participating as a ground lessor, marking the first use of its ground lease structure for an affordable multifamily development in Texas.
We re pleased to partner with The NRP Group on Sanara as we continue to expand our affordable housing platform in Texas, said Steve Wylder, Safehold s Head of Investments. As affordability pressures persist, our focus is on providing long-term, low-cost ground lease capital that helps experienced developers go projects forward. This investment underscores our commitment to supporting the delivery of high-quality affordable housing at scale across growing markets.
Construction of Sanara is now underway with first units anticipated in April 2027.

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ANAHEIM, CA – Linc Housing, a nonprofit developer of affordable and supportive housing, joined its development partner and service provider American Family Housing, Azure residents, officials from the City of Anaheim and other development partners to celebrate the completed renovation of Azure, an 89-home supportive housing community in Anaheim.
“We are thrilled to see yet another 87 permanent supportive homes open their doors to Californians in need thanks to the Governor’s forward-thinking investment in Homekey,” said Gustavo Velasquez, director, California Department of Housing and Community Development. “Azure offers its residents access to the services needed to support long-term stability and through its proximity to transit connects them to a world of opportunity.”
Azure, named for the Azure butterfly – a symbol of transformation, rebirth and embracing change, is Linc’s fourth and final Project Homekey development in the region. Homekey is an innovative statewide effort to make permanent, affordable homes by transforming underused properties into permanent affordable and supportive housing.
“Azure delivers on the promise of what is possible in Anaheim,” said Anaheim Mayor Ashleigh Aitken. “This community offers the dignity of supportive housing with the empowerment of gorgeous surroundings. A place to call home that also inspires cannot be underestimated in its power to transform lives and spaces.”
The former 119-room Studio 6 Motel was first transformed into interim housing in 2022. The second phase of the development focused on renovating those rooms into 67 studios and 20 one-bedroom apartments. In addition to the new homes, Azure also features a community room, case management offices, a central courtyard, community garden and dog park.
“Project Homekey gave us a way to act with urgency, and the City of Anaheim made that urgency real,” said Suny Lay Chang, president and COO of Linc Housing. “Together, we converted a temporary solution into lasting housing that offers both stability and a path forward for the community’s most vulnerable residents.”
The new housing, located at 1251 N. Harbor Blvd. in Anaheim, was made possible through significant funding from the State of California’s Project Homekey program and the City of Anaheim, along with additional support from the Housing and Homelessness Incentive Program (HHIP) funded through CalOptima Health. Additional financing was provided by Capital One and Freddie Mac, with tax credit equity syndicated through Raymond James. Project-based rental help vouchers are provided by the Anaheim Housing Authority.
American Family Housing provides residents with wraparound services and case management to support them and ensure they thrive. Supportive services include mental and physical health services, employment counseling and job placement, education, substance use counseling, money management, help in obtaining and maintaining benefits, and referrals to community-based services and resources. Linc Housing’s resident services team provides additional community building activities and other programs and workshops focused on health and well-being, workforce development, financial capability, and digital equity.
The transition from interim to permanent housing started in February 2024 with designs by Y&M Architects and construction by Sun Country Builders. All homes, which are currently 100% occupied, are for households at or below 30% of the area median income.

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