AvalonBay Communities and Equity Residential have announced the executive appointments for their combined business. These leadership changes will become active once the previously publicised merger of equals is finalised. The transaction remains on track to close during the second half of 2026.

The two major US real estate investment trusts initially signed a definitive all-stock agreement on 21 May 2026. The combined company will hold an estimated pro forma enterprise value of $69 billion and will manage a portfolio exceeding 180,000 rental units. Whilst a brand new company name will be introduced at closing, the business will maintain dual headquarters in Arlington, Virginia and Chicago, Illinois. Final completion is subject to customary closing conditions and approval from the shareholders of both firms.

Benjamin W. Schall, the current President and Chief Executive Officer of AvalonBay, will step into the role of President and CEO of the combined enterprise. Steve Sterrett will serve as the Board Chair. A team of seven senior executives will report directly to Mr Schall to manage corporate functions, investments and property operations.

Michael Manelis, who is currently the Chief Operating Officer at Equity Residential, will become Executive Vice President and Chief Operating Officer. He will supervise day-to-day property operations, leasing, engineering, marketing and technology. Kevin O’Shea will transition from his current role as Chief Financial Officer at AvalonBay to become Executive Vice President and CFO, handling capital markets, investor relations and financial reporting.

Matthew Birenbaum will assume the role of Executive Vice President and Chief Development Officer after moving from his position as Chief Investment Officer at AvalonBay. Sean Breslin, currently the Chief Operating Officer at AvalonBay, will serve as Executive Vice President and Chief Investment and Growth Officer to guide acquisitions, dispositions and data analytics.

Scott Fenster will retain his title as Executive Vice President, General Counsel and Corporate Secretary, moving across from Equity Residential to manage legal affairs. Pamela Thomas will step up as Executive Vice President of Portfolio and Asset Management, whilst Alaine Walsh will become Executive Vice President of Human Capital and Administration. Additionally, Ted Schulman will serve as Executive Vice President of Legal Affairs during the transition period before becoming a senior advisor.

President and CEO Benjamin W. Schall stated: “This leadership team brings unmatched expertise, complementary strengths, and a collective drive to create one of the country’s great real estate companies. We are excited to take the next step as leaders in creating a new and stronger company, drawing on the foundational strengths and deep talent across both organizations. I am honored to lead this group into this next chapter.”

Board Chair Steve Sterrett remarked: “I am incredibly proud of the leadership team we have assembled for this new organization. With this combination of exceptional leaders from both organizations, we are creating a powerhouse of talent that is uniquely positioned to drive innovation, operational excellence, and long-term value for our shareholders, customers, and employees in the dynamic markets we serve.”