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 Jan. 1, 2026, Greystar ranked as the top U.S. multifamily owner for the third consecutive year with 119,160 units in its portfolio, according to the National Multifamily Housing Council, which compiles the rankings.
Vivmark has a market capitalization of approximately $51 billion currently 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). Benjamin Schall, former CEO of AvalonBay, will be the CEO of Vivmark.
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.
Vivmark’s stock price closed at $68.14 per share on Monday, Aug. 24, marking a 6 percent increase ($3.98 gain) from its initial public offering price of $64.16.