NEW YORK, July 4 (Reuters) - A new fund led by Greystar Real Estate Partners will acquire luxury U.S. apartment developer Monogram Residential Trust Inc in a deal valued at about $3 billion, the companies said on Tuesday.
Monogram’s shareholders will receive $12 per share in cash in the deal.
Monogram owns, operates and develops luxury apartment communities in coastal markets including South Florida and Boston.
The new fund led by Greystar, called Greystar Growth and Income Fund LP, also received additional founding capital from affiliates of Dutch pension capital investor APG Asset Management N.V., Singaporean sovereign wealth fund GIC and Canadian real estate investor Ivanhoe Cambridge.
Reporting by Jessica DiNapoli; Editing by Matthew Lewis