Barclays and Bank of America Corp. are planning to sell their stakes in apartment company Archstone, The Wall Street Journal reports. The lenders own a total of 53 percent stake in Archstone, the remaining being held by Lehman Brothers Holdings. The stake of the two lenders is expected to be valued at between $2 billion and $3 billion.
The banks are in sale discussions with firms such as Blackstone Group, Brookfield Asset Management, Equity Residential and AvalonBay Communities. Archstone is full or part owner of about 77,000 apartments across the U.S., including New York, Washington, San Francisco, Boston, Southern California and Seattle.
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