Press Release: 8/19/2026

AG Campbell Secures Settlement With Merging Real Estate Investment Trusts To Protect Boston Renters

 

Agreement Secures Divestiture of Two Downtown Boston Buildings to Address Concerns of Market Control That Could Harm Renters

FOR IMMEDIATE RELEASE:

8/18/2026

 

BOSTON — Massachusetts Attorney General Andrea Joy Campbell today announced an Assurance of Discontinuance entered into with AvalonBay Communities, Inc. (AVB) and Equity Residential (EQR), resolving a preliminary investigation by the Attorney General’s Office (AGO) into the merger of the two companies and ensuring that the merger will not substantially reduce competition in the mid-rise and high-rise multifamily rental housing market in downtown Boston. The agreement requires divestiture of two buildings in downtown Boston: 1 Emerson Place and 10 Emerson Place. 

In addition to the commitments in the Assurance of Discontinuance, the companies have agreed to make a $500,000 contribution to the City of Quincy Affordable Housing Trust to support affordable housing preservation and development in Quincy, where they collectively own and operate six apartment buildings. 

 “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 AG Campbell. “As rent prices continue to soar, I will keep using the tools of my office to address housing affordability and protect consumers.”   

AVB and EQR are both real estate investment trusts that build, own, control, and operate multifamily rental housing in Massachusetts. On May 20, 2026, the two companies entered into an agreement for a proposed merger. In accordance with state law, the AGO reviewed the merger for potential negative effects on renters and competition. 

The AGO’s preliminary investigation identified concerns that the proposed merger could substantially lessen competition in the market for mid-rise and high-rise multifamily rental housing in downtown Boston. The reduced competition risked raising prices on renters already navigating some of the highest rents in the country.  

To resolve these concerns, AVB and EQR agreed to divest two buildings in downtown Boston to an unrelated buyer approved by the AGO. The companies also agreed to take steps prior to divestiture to prohibit the sharing of competitively sensitive information or coordination of pricing and leasing terms with the divestiture buildings. They also agreed to ensure that current affordable housing commitments are maintained in the divested buildings.  

The $500,000 contribution to support affordable housing development in Quincy will further advance housing affordability in a community where the companies collectively own and operate six apartment buildings. 

Today’s agreement is AG Campbell’s latest effort to lower costs and protect renters across Massachusetts. Last month, AG Campbell announced that she reached a $500,000 settlementwith Boston-based property management company Green Ocean Property Management, LLC, resolving allegations that the company charged tenants illegal fees disguised as “new lease” and “lease renewal” fees, among other improper fees. In June, AG Campbell announced that she, as part of a bipartisan coalition of nine attorneys general, secured a $7 million settlement with property management company LivCor over its algorithmic rent pricing scheme that harmed renters.  

This matter was handled by Division Chief Anthony Mariano of the AGO’s Antitrust Division.    

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