Lehman Brothers Holdings is planning to sell millions of it shares of AvalonBay Communities (AVB) and Equity Residential (EQR).

Lehman's Jupiter Enterprise will sell 14.8 million shares in Equity Residential and 7.87 million shares in AvalonBay, according to the real estate investment trusts.

Lehman gained the shares when it sold Archstone to Equity Residential and AvalonBay in February. 

Goldman Sachs (GS) is the underwriter for both share offerings.