AvalonBay Communities

(AVB) - Get Report

named Bryce Blair, age 42, president and chief executive, effective immediately.

Blair, previously the company's president and chief operating officer, will assume the titles of president and CEO. Richard L. Michaux, the current chairman and chief executive, will become executive chairman.

Tim Naughton, currently chief investment officer, will assume the chief operating officer position from Blair, who has been with AvalonBay for 16 years.

The company, a real estate investment trust based in Alexandria, Va., closed up 25 cents, or 0.5%, to $46.50 on the

New York Stock Exchange

this afternoon.