|Equity Residential, a company run by Sam Zell, Robert Caplin photo for The NYT.|
Equity Residential, which is based in Chicago and whose chairman is real-estate mogul Sam Zell, will acquire about 60 percent of Archstone's assets and liabilities. AvalonBay, based in Arlington, Va., will acquire about 40 percent. The deal includes $9.5 billion in Archstone's debt.
The company, based in Englewood, Colo., owns or has a stake in 181 developments with 57,948 apartment units, as of Sept. 30. Its apartments are largely in metropolitan areas in the Northeast, California and southeast Florida.
|Archstone apartment building in Boston, Mass.|