A merger between two large residential property investment firms has brought seven Central Massachusetts apartment communities containing 2,320 units under the control of a new $51-billion firm.
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A merger between two large residential property investment firms has brought seven Central Massachusetts apartment communities containing 2,320 units under the control of a new $51-billion firm, now the largest owner of apartments in the country.
Vivmark Residential was created via the merger between Virginia-based AvalonBay Communities and Chicago-based Equity Residential, Vivmark announced Monday.Â
The company says it is now one of the country’s largest real estate firms, with a market capitalization of $51 billion and more than 184,000 apartment units under its control.
Vivmark’s more than 184,000 units makes it the largest owner of apartments in the country, ahead of South Carolina-based Greystar, which owned 119,160 units as of January, according to the National Multifamily Housing Council.
Vivmark Chairman Stephen Sterrett said the goal of the merger is to redefine the rental housing industry and to deliver superior value for shareholders.Â
According to real estate data firm CoStar, the seven Central Massachusetts properties now under Vivmark’s control are:
- Avalon Acton, 1000 Avalon Dr. - a 466-unit apartment complex built in 2008Â
- Avalon Framingham, 40. Riverpath Dr. - a 180-unit apartment complex built in 2015
- Avalon Marlborough, 1000 Bay Dr. - a 473-unit apartment complex built in 2015
- Kanso Milford, 17 Birch St. - a 162-unit apartment complex built in 2024
- Avalon Natick, 3 Chrysler Road - a 407-unit apartment complex built in 2013
- Avalon Northborough, 14 Avalon Dr. - a 382-unit apartment complex built in 2009
- Avalon Sudbury, 200 Bay St. - a 250-unit apartment complex built in 2019
In addition to the 184,000 units already under its control, Vivmark has about 11,100 units across 33 communities under construction, according to the firm.
Both AvalonBay and Equity were already traded on the New York Stock Exchange, with Vivmark now trading under the symbol VMRK.
Vivmark’s share price opened at about $64 and was sitting at about $64.70 as of Tuesday afternoon.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
