Equity Residential and AvalonBay Communities agreed on 21 May 2026 to merge in an all-stock deal that the companies said would create a rental-housing group with an enterprise value of about $69bn and more than 180,000 apartments.
Why Equity Residential (now Vivmark Residential) is buying AvalonBay Communities, Inc.
The partners said the combined company would spread operating technology, centralised services and regional teams across a larger portfolio, lifting margins, and would use about $2bn of annual cash flow to fund development. It had $4.4bn of projects and 10,800 apartments under construction at signing.
Deal terms and financing
AvalonBay shareholders receive 2.793 Equity Residential shares for each share held, giving them about 51.2% of the combined company. AvalonBay's Benjamin Schall became chief executive and Equity Residential's Mark Parrell retired at closing; the company kept dual headquarters in Arlington, Virginia and Chicago.
Regulatory approvals and timing
Shareholders of both companies approved the deal at special meetings on 12 August 2026, with more than 99% of votes cast in favour, and the merger completed on 17 August. Shares began trading under the VMRK ticker on 18 August.
Market context
Because it was structured as a merger of equals, no purchase price was set; FactSet's May review valued the transaction at $26.3bn, ranking it the third-largest US deal of the month.
