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Slide #68. AvalonBay Communities, Inc. and Equity Residential — Archstone Enterprise LP
AvalonBay Communities, Inc. and Equity Residential (NYSE:AVB)
Archstone Enterprise LP
AvalonBay Communities, Inc. (NYSE:AVB) announced today that it and Equity Residential (NYSE:EQR) have completed their previously announced acquisition ("Archstone Acquisition") of the assets and liabilities of Archstone Enterprise LP ("Archstone") from Lehman Brothers Holdings, Inc., which consist principally of a portfolio of high quality apartment communities in major markets in the United States. AvalonBay acquired approximately 40% of Archstone's assets and liabilities and Equity Residential acquired approximately 60% of Archstone's assets and liabilities.
AvalonBay Communities is a real estate investment trust. Co. develops, redevelops, acquires, owns and operates multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. Co. owns or holds a direct or indirect ownership interest in: operating apartment communities containing apartment homes in various states and the District of Columbia; communities under development; and rights to develop an additional communities.
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Buy (3.00 out of 4)
(ranked lower than approx. 57% of all stocks covered)
Based on Zacks ABR data;
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