The Archstone Deal In November, AvalonBay, along with Equity Residential ( EQR ), entered into an agreement with Lehman Brothers Holdings Inc. to acquire the entire ownership stake of Archstone Enterprise LP – one of the largest investors, developers and operators of apartment communities in the U.S. The deal will entitle AvalonBay to acquire 40% of Archstone's assets and liabilities, while the remainder will be acquired by Equity Residential. The transaction is expected to be accomplished by the first quarter of 2013. Notable Transactions during 4Q AvalonBay acquired a garden-style community – Eaves Burlington – located in Burlington, MA, for nearly $40.3 million. Moreover, the company sold 2 communities – Avalon Wildreed and Avalon Highgrove, both located in Everett, Wash. for $94.5 million.