CHICAGO-Equity Residential, based here, said in a statement that it has entered a contract to acquire a minority share in Denver-based Archstone for $1.3 billion. Both firms own, develop and manage apartment properties.

Equity is trying to buy 26.5% ownership interest in Archstone, about one half of the collective interests currently owned by affiliates of Bank of America and Barclays Bank PLC. For the deal to close, another significant Archstone owner has to decline its right of first offer to purchase the shares at the same price, allowing the transaction to close in the first quarter.

If the deal closes, Equity will hold a minority interest and will have approval rights over certain major decisions including annual budgets and certain financings, refinancing, acquisitions and dispositions. David Neithercut, president and CEO at Equity, said in the statement that the two companies have portfolios that are highly complementary, being in roughly the same markets and of similar quality. “Since we believe that none of the current owners of Archstone is likely to be a long term owner, acquiring this position allows us a role in determining and even perhaps expediting the ultimate outcome regarding Archstone,” he said.