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Vivmark Residential buys seven Northern California apartment properties for $741.8M
The acquisitions add more than 1,800 units to Vivmark Residential’s portfolio, bringing it to over 180,000 rental apartment units.
Vivmark Residential, formed after the AvalonBay Communities and Equity Residential merger, has acquired seven apartment complexes in Northern California near San Francisco for $741.8 million, Commercial Observer reports.
The purchases total more than 1,800 units across the Bay Area, including Avalon Campbell (348 units) for $147.3 million and Avalon Towers on the Peninsula (238 units) for $140.4 million, as well as multiple Eaves properties.
Commercial Observer also notes that the firm is now a public entity with a portfolio exceeding 180,000 rental apartment units.
The outlet said the deal reflects a coastal investment focus, citing that Vivmark and its predecessor groups could have merged with a Sun Belt-focused peer but chose to double down on coastal markets.