(To read more on the multifamily market, click here.)

NEW YORK CITY-Affiliates of locally based Morgan Stanley Real Estate and Onex Real Estate have signed an agreement to acquire Baltimore-based Town and Country Trust. The joint venture will take the multifamily REIT in an all-cash transaction totaling approximately $1.3 billion, including the assumption of debt.

TCT owns and operates 39 apartment communities with an aggregate of 13,330 apartments in the Mid-Atlantic states and Florida. TCT’s common shareholders will receive $33.90 per share. Holders of limited partnership units in the operating partnership will also be entitled to receive $33.90 per unit. The per share purchase price represents a 13.8% premium over TCT’s closing price on Monday, Dec. 19–$29.79–and a 16.5% premium over the 60-day average closing price.

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