Behringer Harvard Multifamily REIT I, Inc. (the REIT), announced that it will be changing its name to Monogram Residential Trust, Inc. as part of its transition to becoming self-managed. Both the name change and the move to self-management are expected to take place on June 30, 2014.
Behringer, the REIT’s sponsor, is no stranger to name changes, having changed its own name from Behringer Harvard in January of this year. The name change comes as part of a brand transformation for the non-traded REIT, which invests in multifamily communities.
Once the self-management process is complete, Mark Alfieri, currently President and Chief Operating Officer of the REIT, will become Chief Executive Officer.
Mr. Alfieri commented, “The REIT has the scale and scope for success and is financially poised for solid growth,” he continued, “I look forward to continuing to enhance the new Monogram brand, together with our talented employees as we build on the reputation the REIT has built for excellent service, stable high quality management, and a commitment to maintaining our multifamily communities to a high luxury standard. Monogram will provide residents with the same great service they have always enjoyed as part of a unique, dynamic and fast-growing organization.”
Since its beginnings in 2006, the REIT has been externally managed by Behringer. Its portfolio includes investments in 55 multifamily communities in 12 states comprising 15,675 apartment homes. It closed to new investors in 2011 after raising $1.46 billion in its initial public offering.
As of December 31, 2013, the REIT had consolidated assets of approximately $2.9 billion and currently has a development portfolio of about $1.5 billion in various phases of development. In addition, the REIT has two large institutional co-investment partners.