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Lehman to sell part of stakes in 2 apartment cos.

ARLINGTON, Va. (AP) -- Lehman Brothers Holdings Inc. is selling about half of its stakes in apartment complex owners AvalonBay Communities Inc. and Equity Residential through underwritten public offerings.

The holding company acquired the stock through its February sale of apartment building owner Archstone to AvalonBay and Equity Residential for $6.5 billion in cash and stock.

Lehman's Jupiter Enterprise LP unit on Thursday priced its offering of 7.9 million AvalonBay shares at $137 each. The price represents an about 1 percent discount to the company's Wednesday closing stock price of $138.56.

Lehman received a total of 14.9 million AvalonBay shares as part of the Archstone deal. Jupiter will receive all of the proceeds from the offering. No shares are being sold by the company or any of its executives.

At the same time, Equity Residential on Thursday announced the pricing of Jupiter's offering of 15.1 million of its 34.5 million Equity Residential shares. It didn't disclose what the offering priced at.

Neither Equity Residential nor any of its executives will sell shares in that offering.

Goldman, Sachs & Co. is the underwriter for both offerings.

In afternoon trading, AvalonBay shares fell $1.55 to $137.01, while Equity Residential shares edged down 19 cents to $58.94.