CHICAGO and ARLINGTON, VA. — AvalonBay Communities and Equity Residential have completed their merger, creating Vivmark Residential, a new real estate investment trust, which began trading on the New York Stock Exchange under the ticker symbol VMRK on Aug. 18.
With a portfolio of approximately 184,000 owned apartments and 11,100 units under construction, Vivmark Residential is now the country’s largest multifamily owner, surpassing Greystar. As of the publication in January of NMHC’s Top 50 Owners, Greystar, ranked first for the third consecutive year, owned 119,160 units.
Vivmark has a market value of approximately $51 billion and an enterprise value of about $70 billion. The company will maintain dual headquarters in each company’s respective former headquarter cities, Arlington, Virginia (AvalonBay), and Chicago (Equity Residential).
According to the company, Vivmark plans to use its expanded scale, balance sheet and data capabilities to lower operating costs, pursue development and acquisitions and improve portfolio returns.
As part of a settlement announced by the Massachusetts Attorney General’s office, Vivmark also agreed to divest the 444-unit Emerson Place Apartments, comprising two towers in Boston’s West End, to address antitrust concerns related to the merger.
Vivmark’s portfolio includes about 7,200 affordable units, and roughly half of its development projects feature an affordable or mixed-income component. The company also plans to expand its affordable housing efforts through nonprofit partnerships and a new bridge-loan program aimed at helping developers create and preserve affordable units.