Greystar Buys Monogram Residential Trust Inc. For $3B
Greystar is buying Plano, Texas-based Monogram Residential Trust Inc. The $3B deal includes 49 apartment complexes totaling 14,000 units across 10 states.
Monogram owns the Alexian, the Arpeggio and five other Dallas-area apartments, the Dallas Morning News reports.
In a joint venture, Greystar is purchasing Monogram with Europe-based APG Asset Management NV GIC and Canada’s Ivanhoé Cambridge. The sale will close by the end of 2017. JPMorgan Chase is providing $2B in debt for the deal.
“The interest we received from this sophisticated group of investors demonstrates that our targeted focus on building our portfolio with high-quality Class-A assets in select core markets has been recognized and our stockholders and joint venture partners are rewarded with this successful outcome,” Monogram CEO Mark Alfieri said in a statement.