Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Massachusetts AG Orders Post-Merger Sale of Two Boston Apartment Towers
Two Boston apartment towers in the portfolio of newly merged Vivmark Residential will be sold under an agreement between Massachusetts Attorney General Andrea Joy Campbell and the merger partners, Equity Residential and AvalonBay Communities. The agreement to sell the two-building Emerson Place is intended to ensure that the merger will not substantially reduce competition in the mid-rise and high-rise multifamily rental housing market in downtown Boston, Campbell’s office said.
“When real estate companies consolidate market share, it can lead to higher prices, lower-quality amenities and worse lease terms for renters. This agreement protects Boston renters and ensures this merger doesn’t create unlawful market control,” said Campbell.
The AG’s office will need to approve the would-be buyer for Emerson Place. In addition, Equity Residential and AvalonBay have 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.
- ◦Sale/Acquisition
- ◦Policy/Gov't
