A new fund led by Greystar Real Estate Partners, the largest operator of apartments in the United States, will acquire luxury U.S. apartment developer Monogram Residential Trust Inc in a deal valued at about $3 billion, the companies said on Tuesday.
Monogram’s shareholders will receive $12 per share in cash in the deal, representing a 22 percent premium to the company’s closing price July 3.
Plano, Texas-based Monogram owns, operates and develops luxury apartment communities in coastal and urban markets including southern Florida and Boston.
