AvalonBay Communities and Equity Residential are now Vivmark Residential. The merger of equals was completed Aug. 17. The newly created company has more than 184,000 rental units and more than 11,000 apartments under construction.
"Vivmark represents a transformational opportunity to redefine the rental housing industry, utilizing our scale and capabilities to deliver superior value for shareholders,” said Stephen Sterrett, Vivmark Chairman, in a release.
Vivmark is also scaling for growth with 9,900 future apartments in the pipeline. Roughly 50% of Vivmark's future projects include affordable and mixed-income housing.
Benjamin Schall is Chief Executive Officer, Michael Manelis serves as Chief Operating Officer and Kevin O’Shea is Chief Financial Officer, while Sterrett leads the 14-member Board of Trustees: Seven people from each company.