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Vivmark to sell two Boston apartment towers after state merger settlement
The divestiture covers 444 residential units across 1 and 10 Emerson Place, with the new REIT seeking an unrelated buyer.
Massachusetts Attorney General Andrea Campbell reached a settlement with Vivmark Residential, the new REIT formed by the merger of AvalonBay Communities and Equity Residential, requiring the company to sell two downtown Boston apartment towers. Under the agreement, Vivmark will divest the buildings at 1 and 10 Emerson Place, totaling 444 residential units, and will look for an unrelated buyer to preserve competition in the market, according to an announcement from Campbell's office. The settlement also bars the REITs from sharing competitively sensitive information or coordinating pricing and leasing terms as part of the sale. Campbell said the deal is intended to prevent consolidation from leading to higher prices, fewer quality amenities, and worse lease terms for renters. Vivmark also agreed to uphold affordability commitments through a $500,000 contribution to the city of Quincy’s Affordable Housing Trust. The new REIT began trading on Tuesday with an equity market capitalization of $54 billion.