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Archstone No More

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Just when we thought the housing market was stabilizing, news comes that Equity Residential and AvalonBay will pay $6.5 billion in cash and stock to buy Archstone. Equity Residential would buy 60% of Archstone (about 23,000 apartment units) while AvalonBay would get 40%. No word yet on who will take over the five pending San Francisco development sites, leaving the potential 1,800 units up in the air - including the already approved 340-350 Fremont, Daggett Place, and the recently-listed Fox Plaza. [SF Business Times/previously on Curbed SF]