AvalonBay Communities and Equity Residential have unveiled the executive leadership team that will guide the combined company following the completion of their previously announced merger of equals, which is expected to close during the second half of 2026. The transaction will create one of the largest real estate companies in the United States, with more than 180,000 apartment units and an estimated pro forma enterprise value of approximately $69 billion.
Under the new structure, Benjamin W. Schall, currently President and Chief Executive Officer of AvalonBay Communities, will serve as President and Chief Executive Officer of the combined organization. Steve Sterrett will serve as Board Chair. The leadership team draws executives from both companies and is designed to integrate operational, financial, legal, development, and human resources expertise across the combined enterprise.
The executive team reporting directly to Schall will include Michael Manelis as Executive Vice President and Chief Operating Officer, Kevin O’Shea as Executive Vice President and Chief Financial Officer, Matthew Birenbaum as Executive Vice President and Chief Development Officer, Sean Breslin as Executive Vice President and Chief Investment and Growth Officer, Scott Fenster as Executive Vice President, General Counsel and Corporate Secretary, Pamela Thomas as Executive Vice President, Portfolio and Asset Management, and Alaine Walsh as Executive Vice President, Human Capital and Administration. Ted Schulman will also serve as Executive Vice President of Legal Affairs during the integration period before transitioning to a senior advisor role.
The merger was originally announced on May 21, 2026, and remains subject to shareholder approvals and customary closing conditions. Following completion, the combined company will maintain dual headquarters in Arlington, Virginia, and Chicago, Illinois, and will operate under a new corporate name to be announced at closing.
KEY QUOTES:
“This leadership team brings unmatched expertise, complementary strengths, and a collective drive to create one of the country’s great real estate companies. We are excited to take the next step as leaders in creating a new and stronger company, drawing on the foundational strengths and deep talent across both organizations. I am honored to lead this group into this next chapter.”
Benjamin W. Schall, President And Chief Executive Officer, AvalonBay Communities
“I am incredibly proud of the leadership team we have assembled for this new organization. With this combination of exceptional leaders from both organizations, we are creating a powerhouse of talent that is uniquely positioned to drive innovation, operational excellence, and long-term value for our shareholders, customers, and employees in the dynamic markets we serve.”
Steve Sterrett, Board Chair, Combined Company
