DALLAS–Monogram Residential Trust Inc. has completed its self-management transaction and is now a fully integrated and self-managed company. Mark Alfieri has been named CEO. The Plano, TX-based company was previously Behringer Harvard Multifamily REIT I.
“The transition to a fully integrated company represents an important step for the REIT. We are pleased this process is now complete and look forward to introducing the new Monogram brand, which showcases our commitment to enhancing value for our shareholders and an unparalleled tailored living experience for our residents,” said Mark Alfieri, CEO of the new REIT.
At the end of the first quarter, Monogram had consolidated assets worth $2.9 billion and a development portfolio of $1.5 billion. The portfolio is due to acquisitions, developments and joint ventures completed over the last seven years. Monogram's portfolio consists of 57 multifamily communities in 12 states, which totals more than 16,300 apartment units.
“We believe this change will position the REIT to continue to build on its existing portfolio and allow the REIT to create value for its investors," Alfieri says. "This change will help ensure that we deliver on our strategic plan and affirms the Monogram brand as the new standard in the luxury multifamily real estate sector.”
As part of the self-management move, Monogram has relocated into their own corporate headquarters in Granite Park.
GlobeSt.com first reported about the Monogram move in April.
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