AvalonBay, Equity Residential Said to Near Mega-REIT Tie-Up

AvalonBay Communities Inc. acquired a site for $300 million to build Park Loggia condominium, initially planning luxury rentals and condos, but later decided to go all-condo. The decision was made after Manhattan's high-end sales market became saturated. AvalonBay Communities is exploring a potential tie-up with Equity Residential.