Ballard Spahr Advises on $70B Merger of REITs to Create Vivmark Residential

Lawyers from Ballard Spahr’s Real Estate Department advised national multifamily housing real estate investment trusts (REITs) Equity Residential and AvalonBay Communities in their recently completed $70 billion all-stock merger, which created Vivmark Residential, the largest apartment REIT in the country.

The combination, which closed on August 17, brings together two of the largest U.S. apartment owners and developers, with a portfolio of more than 184,000 apartment units and more than 11,000 apartments under construction nationwide, Vivmark Residential said in a press release. The company trades on the New York Stock Exchange under the ticker symbol VMRK.

Vivmark Residential’s portfolio stretches across major metropolitan markets, including Washington, D.C., New York, Los Angeles, Boston, Seattle, Atlanta, Denver, Austin, Dallas, Southeast Florida, and Charlotte. In addition to market rate multifamily housing, the company said it will continue the commitment to affordable housing established by Equity Residential and AvalonBay Communities.

Ballard Spahr served as local counsel for Equity Residential and AvalonBay Communities in the District of Columbia and Maryland to manage Tenant Opportunity to Purchase Act (TOPA) and Right of First Refusal (ROFR) compliance matters, respectively, and to advise on related local law matters. The Ballard Spahr team on the transaction featured Roger D. Winston, leader of the firm’s Mixed-Use, Condominium, and Multifamily Development practice, Kyle A. DeThomas, counsel in the practice, and Associate Forrest Albiston.