Greystar-Led Fund Acquires Monogram Residential

The $3 billion deal encompasses 49 communities and nearly 14,000 units in 10 states. Joining Greystar as the REIT’s co-owners will be affiliates of APG Asset Management N.V., GIC and Ivanhoe Cambridge.

By IvyLee Rosario 

David Slotkin

David Slotkin

A Greystar Real Estate Partners fund acquired Monogram Residential Trust Inc., which operates and develops luxury communities in coastal and urban markets. Morrison & Foerster represented Morgan Stanley, the exclusive financial advisor to Monogram during the transaction. The deal included affiliates of APG Asset Management N.V., GIC and Ivanhoe Cambridge, for the per share consideration of $12 in cash or $3 billion in the aggregate. 

Previous Deals 

Morgan Stanley is a global services firm providing a range of investment banking, securities, investment management, wealth management services, merger, acquisition and corporate finance advice. In April, Morgan Stanley provided a $363.7 million refinancing loan of The Modera Portfolio consisting of six newly developed multifamily properties located in California, Florida, Massachusetts, New Jersey, Texas and Virginia. 

Morrison & Foerster’s REIT practice is actively involved in advising REIT’s and REIT sponsors, contributors, investors, investment advisers, underwriters and institutional lenders. Recent transactions include the representation of the management team of Parkway Inc. in connection with the $1.2 billion acquisition of Parkway by Canada Pension Plan Investment Board.

The Morrison & Foerster team was led by Partner David Slotkin and Associate Jenny Wang.

Image courtesy of Morrison & Foerster 

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