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AvalonBay, Equity Residential in Advanced Merger Talks

AvalonBay Communities Inc. and Equity Residential are nearing a merger, according to people familiar with the matter. The two major residential real estate investment trusts are working toward a combination that would consolidate the multifamily housing sector. The merger would create a larger competitor with broader geographic reach and greater operational scale. Valuation and deal structure negotiations are ongoing. Both companies operate apartment portfolios across major U.S. markets. The transaction requires regulatory approval and shareholder votes from both firms. Completion timing has not been disclosed. Representatives for both companies declined comment on the reported negotiations.