Pension and SWF Money Fund Greystar Acquisition of Monogram Residential Trust

Greystar Growth and Income Fund, LP, a newly formed perpetual life fund, overseen by Greystar Real Estate Partners is buying out Plano, Texas-based Monogram Residential Trust, Inc., an owner, operator and developer of luxury apartment communities. The founding capital partners of Greystar Growth and Income Fund include affiliates of APG Asset Management N.V., GIC Private Limited, and Ivanhoé Cambridge (the real estate arm of CDPQ). The transaction is being valued at approximately US$ 3.0 billion, including debt to be assumed or refinanced. Essentially this REIT is becoming the seed portfolio for the Greystar Growth and Income Fund. With a focus on core coastal markets, as of March 31, 2017, Monogram’s portfolio includes investments in 49 multifamily communities in 10 states comprising 13,674 apartment homes. Some notable portfolio properties include: Nouvelle (Tysons Corner, VA), Zinc (Cambridge, MA), and The Alexas (Dallas, TX).

New York-based Snow Park Capital Partners LP, an activist investor, had pushed the Monogram Residential Trust to explore a sale.

More Deal Terms

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