DALLAS–Behringer Harvard Multifamily REIT I Inc. is changing its name as part of the company’s new direction. Now to be called Monogram Residential Trust Inc., the locally-based real estate investment trust is transitioning to being a fully integrated, self-managed REIT.
“The REIT has the scale and scope for success and is financially poised for solid growth,” says Mark Alfieri, president and COO of Behringer Harvard Multifamily REIT. “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.”
The company, which has been externally managed by Behringer since its start in 2006, will soon have additional flexibility in order to take better advantage of available opportunities to both improve efficiencies and enhance shareholder value.
When the transition is complete, Alfieri will become CEO of Monogram. Additionally, a number of the other top executives will take on management roles for the sel-managed REIT.
Monogram’s portfolio consists of nearly 16,000 luxury apartments in 55 multifamily communities throughout 12 states. At the end of 2013, Behringer Harvard Multifamily had assets totaling $2.9 billion with an additional $1.5 billion in its development portfolio. The REIT focuses on stabilized operating properties and properties under development, focusing on deals in the top 50 US metropolitan statistical areas.