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Non-Traded REIT Completes Move to Self-Management

Formerly known as Behringer Harvard Multifamily REIT I, Monogram Residential Trust (Monogram) recently announced that it has completed its self-management transaction with its sponsor, Behringer. It is now a fully integrated, self-managed company.

In connection with the move to self-management, the company also announced that Mark Alfieri has been appointed Chief Executive Officer of the non-traded REIT. The senior leadership team has transitioned to the re-christened REIT and expanded to include a number of new executives.

“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 Mr. Alfieri. “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. 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,” he added.

Monogram Residential Trust invests in high-quality multifamily communities and develops and operates them. It seeks stabilized operating properties and developing properties with a focus on the top 50 Metropolitan Statistical Areas of the United States. Its portfolio of luxury apartment communities, known as the Monogram Apartment Collection, LLC, focuses on offering upscale amenities for its residents and will be managed by an affiliate of the REIT.

Monogram’s portfolio includes investments in 57 multifamily communities in 12 states comprising 16,306 apartment homes. It closed to new investors in 2011 after raising $1.46 billion. As of March 31, 2014, the REIT had consolidated assets of approximately $2.9 billion and has a development portfolio of about $1.5 billion in various stages of development.

Lastly, the company also announced that it has moved its headquarters to Granite Park in Plano, Texas.