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Massachusetts AG orders sale of two Boston apartment towers after merger
The Massachusetts AG’s office will have to approve the buyer for Emerson Place, and the partners will contribute $500,000 to affordable housing in Quincy.
Massachusetts Attorney General Andrea Joy Campbell has ordered the sale of two Boston apartment towers tied to the newly merged Vivmark Residential, following an agreement with the merger partners Equity Residential and AvalonBay Communities, according to ConnectCRE.
The required sale covers Emerson Place, a two building property, and is intended to prevent the merger from substantially reducing competition in downtown Boston’s mid rise and high rise multifamily rental housing market.
Campbell said real estate consolidations can lead to higher prices, lower quality amenities, and worse lease terms for renters, adding that the agreement is meant to ensure the deal does not create unlawful market control.
ConnectCRE reports the AG’s office must approve the buyer for Emerson Place, and Equity Residential and AvalonBay agreed to make a $500,000 contribution to support affordable housing preservation and development in Quincy, where they collectively own and operate six apartment buildings.