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Vivmark Residential

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Vivmark Residential
TypePublic
IndustryApartments
Predecessor
Founded1969; 57 years ago (1969)
FounderSam Zell
HeadquartersRiverside Plaza
Chicago, Illinois
Arlington, Virginia
Key peopleBenjamin Schall (CEO)
Stephen Sterrett (Chairman)
Kevin O'Shea (CFO)
ServicesProperty management
RevenueIncrease US$2.980 billion (2024)
Increase US$1.032 billion (2024)
Total assetsIncrease US$20.834 billion (2024)
Total equityDecrease US$11.044 billion (2024)
Number of employees
Approximately 2,500 (2024)
Websitewww.vivmarkresidential.com
Footnotes
[1]

Vivmark Residential (formerly Equity Residential), based in Arlington, Virginia, and Chicago, Illinois, is a real estate investment trust that invests in apartments. As of August 2026, the company owned or had investments in 184,000 rental apartments and had over 11,100 apartments under construction.

It is the largest owner of apartments in the United States and the 18th largest apartment property manager in the United States.[2]

History

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The company had its origins in Equity Finance and Management Company, founded in 1969 by Sam Zell. In 1993, the company acquired a large portfolio of properties from Starwood Capital Group, owned by Barry Sternlicht and Bob Faith, in exchange for a 20% stake in the company. Starwood had acquired the properties via government auctions after the savings and loan crisis.[3][4] In August 1993, the company became a public company via an initial public offering.[5] At that time, the company owned 22,000 apartments.[6]

In 1997, the company acquired Wellsford Residential Property Trust for $620 million in stock and the assumption of $346 million of debt.[7][8] It also acquired Evans Withycombe Residential for $625 million in stock and the assumption of $432 million in debt.[9]

In 1998, the company acquired a portfolio of 5,774 apartments from Lincoln Property Company for $465 million.[10] It also acquired Merry Land, which owned 34,990 units in the southeast United States, for $1.17 billion in stock as well as $656 million in debt and $270 million in preferred stock.[11][12]

In 1999, the company acquired Lexford Residential Trust for $203 million in stock and the assumption of $530 million of debt. Lexford owned mainly one-story affordable housing units, rented to households with incomes between $25,000 and $35,000.[13]

In January 2003, CEO Douglas Crocker retired. During his tenure, the company increased its ownership from 22,000 apartments to 227,000 apartments.[6] In 2006, the company sold its Lexford affordable housing division, which included 27,115 apartment units, for $1.09 billion.[14]

In February 2013, the company and AvalonBay Communities closed a $9 billion deal to acquire Archstone from Lehman Brothers.[15] In 2013, the company sold 8,010 apartment units to a joint venture of Goldman Sachs and Greystar Real Estate Partners for $1.5 billion. In 2016, the company sold 23,262 apartments to Starwood Capital Group for $5.365 billion.[16]

In August 2026, the company acquired AvalonBay Communities and changed its name to Vivmark Residential.[17][18]

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In 2022, the company agreed to pay approximately $2 million to settle a lawsuit filed by Attorney General for the District of Columbia Karl Racine alleging that the company offered misleading rent discounts on a rent-controlled building in Washington, D.C.[19]

The company was sued in a class action due to allegations that the late payment fees that it charged, including a $50 minimum fee even if rent was just one day late, and compounding fees and penalties, were in violation of California law. In a settlement finalized in 2026, the company agreed to pay $43 million to over 200,000 tenants in California as reimbursement of excessive fees.[20]

In a multi-district class action lawsuit, the company and 10 other large landlords were accused of engaging in an unlawful conspiracy to use RealPage's revenue management software to share competitively sensitive data and coordinate rent increases. In 2026, as part of a settlement with all of the defendants, the company agreed to pay $56 million to settle the allegations.[21]

References

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  1. ↑ "Equity Residential 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 13, 2025.
  2. ↑ "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
  3. ↑ Goldfarb, Jeffrey (October 26, 2015). "Keep one eye on Sam Zell's "For Sale" sign". Archived from the original on 2023-04-18.
  4. ↑ Broffman, Wendy (August 1, 2014). "A history of Faith". Yield Pro.
  5. ↑ "SCHEDULE 14A". U.S. Securities and Exchange Commission.
  6. 1 2 Gallun, Alby (June 7, 2007). "Veteran apartment buyer Crocker now in residence at Transwestern". Crain Communications.
  7. ↑ "Apartment Deal For Zell's REIT". The New York Times. January 18, 1997. ISSN 0362-4331.
  8. ↑ Allen, J. Linn (January 18, 1997). "Zell-backed Trust To Buy Wellsford". Chicago Tribune.
  9. ↑ "EQUITY RESIDENTIAL TO PAY $625 MILLION FOR RIVAL". The New York Times. Dow Jones & Company. August 29, 1997.
  10. ↑ "EQUITY RESIDENTIAL IN DEAL WITH LINCOLN PROPERTY". The New York Times. Dow Jones & Company. May 30, 1998.
  11. ↑ Holson, Laura M. (1998-07-09). "Equity Residential to Acquire Merry Land for Stock and Debt". The New York Times. ISSN 0362-4331.
  12. ↑ "Zell REIT Announces Agreement To Buy Merry Land & Investment". The Wall Street Journal. July 8, 1998. ISSN 0099-9660.
  13. ↑ "EQUITY RESIDENTIAL IN $203 MILLION DEAL FOR LEXFORD". The New York Times. Bloomberg News. July 2, 1999.
  14. ↑ Ball, Brian R. (July 10, 2006). "Equity Residential selling Lexford for $1.09 billion". American City Business Journals.
  15. ↑ "AvalonBay Equity Residential complete Archstone acquisition". American City Business Journals. February 27, 2013.
  16. ↑ "Starwood closes $5.4B purchase of REIT's multifamily ..." The Real Deal. January 27, 2016.
  17. ↑ "Vivmark Residential Launches as One of the Country's Leading Real Estate Companies" (Press release). Business Wire. August 18, 2025.
  18. ↑ "AvalonBay, Equity Residential complete $69B merger". American City Business Journals. August 17, 2026.
  19. ↑ "AG Racine Secures Nearly $2 Million For Victims of Rent Hike Scam and District Through Trial Victory" (Press release). Attorney General for the District of Columbia. May 25, 2022.
  20. ↑ "Tenants Win $43 Million Against Equity Residential After 11-Year Fight Over Illegal Late Fees". Daily Journal Corporation. May 6, 2026.
  21. ↑ Shaver, Leslie (April 17, 2026). "EQR settles RealPage lawsuit for $56M". Industry Dive.
[edit]
  • Official website
  • Business data for Vivmark Residential:
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