NEW YORK CITY—Madison International Realty has acquired 5.3% of the outstanding shares of Monogram Residential Trust. Formerly known as Behringer Harvard Multifamily REIT I, the Monogram REIT invests in, develops and operates high-quality multifamily communities in 12 states.
Madison International founder and president Ronald Dickerman tells GlobeSt.com that this acquisition gives the firm a dominant position in the REIT. “We are the largest shareholder at this time.”
However, he continues, the motivation for the purchase was simple. “We invested in support of their business plan and think the quality and age of the portfolio is unique in the industry.”
Monogram's portfolio includes 56 multifamily properties with 16,126 units. It is said to be the youngest collection of properties in the industry among US-listed multifamily REITs.
“Monogram focuses on multifamily residential investment and development opportunities in high-growth urban areas, with a portfolio of distinctive multifamily communities,” Dickerman adds. “We believe the company's shares have been trading at a discount, due to its long tenure as a non-listed REIT and the significant liquidity needs of its existing shareholders, and because it is still relatively unknown. We think Monogram offers robust growth potential and is a good fit with our differentiated investment strategy.”
In 2014, Madison announced the final closing of its latest fund, Madison International Real Estate Liquidity Fund V, LP (Madison V), with $825 million of equity commitments from a global roster of institutional investors, exceeding its $750 million target.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
