A real estate M&A team from Goodwin Procter represents Plano-based Monogram Residential Trust in its pending acquisition by a new fund led by Greystar Real Estate Partners in a deal valued at $3 billion. Jones Day represents Greystar, while Morgan Stanley, Monogram’s financial adviser, turned to Morrison & Foerster.
Monogram is a real estate investment trust with investments in 49 multifamily communities in 10 states, while Greystar, based in Charleston, South Carolina, is the nation’s largest operator of apartments, managing more than 475,000 units.
On July 4, Monogram announced that it has entered into a definitive merger agreement to be acquired by Greystar Growth and Income Fund, the new fund led by Greystar Real Estate Partners and initial funding capital partners that are affiliates of APG Asset Management and Ivanhoe Cambridge. The $3 billion value includes debt that will be assumed or refinanced.
The deal is expected to close during the second half of the year, and is subject to approval by Monogram shareholders and customary closing conditions.
Goodwin Procter partners Gil Menna, Neal Sandford and Blake Liggio, all of Boston, lead the real estate M&A team for Monogram, with assistance from associates David Perechocky of New York and Chloe Pletner of Boston. Others include partners Craig Todaro of Boston; William Pearce and Scott Webster, both of San Francisco; and Ali Murata of Silicon Valley.
Jones Day represents Greystar Growth and Income Fund in the acquisition and also represents Greystar Real Estate Partners in the formation of the fund. The Jones Day team is led by M&A partner James Dougherty of Cleveland and New York, and real estate partner Bob Lee of Chicago. The team also includes private equity partner Michael Earley of Chicago, M&A associate Erin de la Mare of Cleveland; real estate partners Trisha Mowbray of Chicago and Susan Cox of Dallas; and real estate associate Andy Van Noord of Dallas.
The Morrison & Foerster team for Morgan Stanley is led by partner David Slotkin of Washington, D.C., and associate Jenny Wang of New York.