July 6, 2017
Early Bird Alert: Connect Apartments is planned September 28th in Los Angeles. Here’s where to get more information and register.
A new fund led by Charleston, SC-based Greystar Real Estate Partners plans to acquire Plano, TX-based Monogram Residential Trust Inc. for roughly $3 billion. The perpetual life fund, Greystar Growth and Income Fund, LP, is led by Greystar, with initial founding capital partners including affiliates of Dutch pension capital investor APG Asset Management N.V., GIC, and Montreal-based Ivanhoé Cambridge.
The merger agreement, which was unanimously approved by Monogram’s Board of Directors, calls for Monogram’s stockholders to receive $12 per share in cash, representing a premium of approximately 22% to Monogram’s stock price on July 3, 2017.
JPMorgan Chase Bank, N.A. is providing $2 billion in debt financing to Greystar Growth and Income Fund for the transaction, which is expected to close in the second half of 2017.
Monogram’s portfolio includes investments in 49 multifamily communities in 10 states, comprising 13,674 apartment homes.
For comments, questions or concerns, please contact Dennis Kaiser