Madison International Realty in New York has acquired 5.3% of the outstanding shares of Monogram Residential Trust in Plano, Texas.
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Madison, a real estate private equity firm, said in a press release Monday that the acquisition fits within its "differentiated investment strategy."
Monogram, which was previously known as Behringer Harvard Multifamily REIT, develops and operates multifamily properties.
"We believe the company's shares have been trading at a discount, due to its long tenure as a nonlisted REIT and the significant liquidity needs of its existing shareholders, and because it is still relatively unknown," said Ronald Dickerman, Madison's president, in the release.
