AvalonBay, Equity Residential in Merger Talks: Report
If it comes together, the deal would be one of the largest in industry history.
AvalonBay Communities and Equity Residential have discussed a merger between the two firms, Bloomberg reported, citing people familiar with the matter. The discussions are still in the early stages, the outlet added, and a deal is not guaranteed.
Bloomberg later reported that any merger could be worth $50 billion, making it one of the largest real estate deals of all time. A merger would also likely invite antitrust scrutiny and is not guaranteed regulatory approval.
AvalonBay ranked second on Multi-Housing News’ top multifamily owners ranking for 2025, with 97,212 units owned and a total portfolio value of $37.2 billion as of June of 2025. Equity Residential reports on its website that it controls 85,211 units.
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If the deal closes, it would be the latest in a recent string of mergers and acquisitions across the multifamily and commercial real estate sectors. Most recently, Public Storage agreed in March to acquire National Storage Affiliates Trust in a $10.5 billion all-stock transaction. That acquisition is expected to close in the third quarter of this year.
