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Mass. Movers

AvalonBay, a big Mass. landlord, expands

AvalonBay’s numerous Massachusetts properties include apartments at the Prudential Center.

Globe file photo

AvalonBay’s numerous Massachusetts properties include apartments at the Prudential Center.

Lehman Brothers will sell Archstone, a big apartment operator, for $6.5 billion. Buyers Equity Residential and AvalonBay Communities, Archstone’s biggest rivals, will split the assets 60-40 and take on Archstone’s debt, for a total deal value of $16 billion. Lehman collapsed in the financial crisis in 2008, in part because of bad real estate bets, including the $23.7 billion buyout of Archstone. Equity gets 78 properties with 23,110 units; AvalonBay, 66 properties with 22,222 units. ­Equity’s stock rose 1.5 percent.

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