Equity Residential, AvalonBay name C-suite for multifamily giant

Equity Residential and AvalonBay Communities have outlined who will run the combined multifamily REIT after their planned merger of equals, naming a C-suite team that blends leaders from both companies.

The executive lineup, announced Thursday and reported by the companies, will take effect when the all-stock transaction closes, which the firms expect in the second half of 2026.

Benjamin W. Schall, currently president and CEO of AvalonBay Communities, will serve as president and CEO of the combined company. The post-merger REIT is slated to control more than 180,000 rental apartments and carry a pro forma enterprise value of about $69 billion, according to the May 21 deal announcement.

Chicago-based Equity Residential and Arlington, Virginia-based AvalonBay will maintain dual headquarters in both cities and operate under a new name to be unveiled at closing.

Who’s in the C-suite

The following executives are set to report directly to Schall once the merger is complete:

• Michael Manelis — Executive Vice President and Chief Operating Officer. Currently COO of Equity Residential, Manelis will run day-to-day operations across the enlarged portfolio, including leasing, maintenance, engineering, technology, centralized services, revenue management and marketing.
• Kevin O’Shea — Executive Vice President and Chief Financial Officer. Presently AvalonBay’s CFO, O’Shea will oversee the balance sheet, capital markets activity, investor relations and financial reporting and controls for the new company.
• Matthew Birenbaum — Executive Vice President and Chief Development Officer. Now AvalonBay’s chief investment officer, Birenbaum will direct all development activity, including regional development and construction teams, and chair the Management Investment Committee.
• Sean Breslin — Executive Vice President and Chief Investment and Growth Officer. Currently AvalonBay’s COO, Breslin will lead the investments platform, covering acquisitions, dispositions, capital partnerships and new business initiatives, as well as data analytics and market research.
• Scott Fenster — Executive Vice President, General Counsel and Corporate Secretary. Fenster, who holds the same role at Equity Residential, will run the legal function, including regulatory affairs, for the combined REIT.
• Pamela Thomas — Executive Vice President, Portfolio and Asset Management. Now AvalonBay’s EVP of portfolio and asset management, Thomas will oversee portfolio strategy, asset management, capital expenditure programs, sustainability, retail and mixed-use assets and joint venture relationships.
• Alaine Walsh — Executive Vice President, Human Capital and Administration. Walsh, who holds the same post at AvalonBay, will lead human resources, compensation, learning and development and talent management.

In addition, Ted Schulman, AvalonBay’s current executive vice president and general counsel, will serve as Executive Vice President of Legal Affairs during the integration and later become a senior adviser.

Why this matters for multifamily builders and developers

The two S&P 500 REITs are among the largest institutional owners and developers of Class A apartments in major coastal and high-growth Sun Belt markets. Equity Residential owns and manages 312 properties with 85,211 units, while AvalonBay owns, develops and manages roughly 90,000 apartment homes.

For developers, general contractors and land sellers, the leadership slate signals how the combined company may approach:

• Pipeline and capital allocation: With Birenbaum overseeing development and Breslin leading investments and capital partnerships, builders can expect continued emphasis on large-scale, infill and mixed-use projects in supply-constrained coastal markets and select high-growth metros.
• Operations and technology: Manelis’ remit over operations and technology suggests further centralization in leasing, maintenance and revenue management, which can influence design standards, unit specs and service expectations on new projects.
• ESG and mixed-use strategy: Thomas’ responsibility for sustainability, retail and mixed-use points to ongoing investment in energy performance, resilience and ground-floor retail, areas that affect construction scope and underwriting.

The companies still face regulatory and shareholder approvals, along with integration risk, but naming a unified C-suite more than a year ahead of the expected closing provides counterparties with clearer visibility into who will control development, acquisitions and capital deployment decisions.

Deal status and next steps

The merger, announced May 21, 2026, is structured as an all-stock merger of equals. It remains subject to shareholder votes at both companies and other customary closing conditions, including regulatory clearances.

If completed as planned in the back half of 2026, the combination would create one of the largest multifamily REITs in the country by enterprise value and apartment count, with strategic concentration in Boston, New York/New Jersey, the Mid-Atlantic, Seattle, California and high-growth markets such as Atlanta, Austin, Dallas-Fort Worth, Denver, North Carolina, Southeast Florida, Texas and Colorado.