Affiliates of Vivmark Residential have moved aggressively into Bay Area multifamily, acquiring a portfolio of apartment communities in the wake of the merger between AvalonBay Communities and Equity Residential. According to reporting by the Mercury News, the Vivmark affiliates purchased at least seven properties across the South Bay and East Bay, totaling 1,843 units and a combined price of approximately $741.8 million.
The largest asset in the portfolio by both unit count and total consideration is Avalon Campbell, located at 508 Railway Ave. in Campbell. The community comprises 348 apartments and was acquired for $147.3 million. This purchase anchors the portfolio and underscores the buyer’s focus on institutional-quality suburban multifamily assets.
In Mountain View, the portfolio includes Avalon Towers on the Peninsula at 2400 West El Camino Real. This asset consists of 238 residential units and traded for $140.4 million. The transaction also included an adjacent office building at 2440 El Camino, which was part of the same sale package, though no square footage details were disclosed. A second Mountain View community, Eaves Creekside at 151 Calderon Ave., added another 300 units to the acquisition slate and sold for $117.3 million.
The portfolio further extends into Fremont, where Vivmark affiliates acquired Avalon Fremont at 39939 Stevenson Common. That property totals 308 units and closed at a reported price of $124.3 million. Also in Fremont, Eaves Fremont at 231 Woodcreek Common, comprising 237 units, sold for $88.9 million. These two assets together represent a significant concentration of the acquired units in the East Bay.
Additional properties in the transaction include Eaves Dublin, a 204-unit community at 7904 Fall Creek Rd. in Dublin, which sold for $64.6 million. Rounding out the reported trades is Eaves Union City at 2175 Decoto Rd. in Union City, totaling 208 units and acquired for $59.1 million. Combined, the assets create a diversified suburban Bay Area multifamily portfolio spread across multiple cities and price points.
The series of acquisitions directly follows the AvalonBay Communities and Equity Residential merger, which served as the catalyst for these dispositions. While specific ownership structures, financing terms and property-level business plans were not disclosed, the activity reflects a substantial reallocation of apartment assets across the South Bay and East Bay markets to Vivmark Residential affiliates.
