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UPDATE: Nearly $2B TCT Merger Closes

BALTIMORE-The sale of the Town & Country Trust officially closes with the joint venture involving Morgan Stanley Real Estate, Onex Real Estate and Sawyer Realty Holdings LLC paying $1.5 billion for the multifamily REIT.

By Barbra Murray | Updated on April 01, 2006

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

BALTIMORE-The $1.5-billion cash acquisition of the Town & Country Trust by Magazine Acquisition LP, an affiliate of the joint venture involving entities of Morgan Stanley Real Estate, Onex Real Estate and Sawyer Realty Holdings LLC, has officially closed. TCT and its 37-property portfolio–featuring approximately 13,000 residences in Delaware, Florida, Maryland, Pennsylvania and Virginia–were snapped up for $40.20 per share and the assumption of existing debt. The REIT’s shareholders approved the merger agreement on March 10.

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