DALLAS, TX - Behringer Harvard Multifamily REIT I, Inc. announced that it will be changing its corporate name to Monogram Residential Trust, Inc., a brand transformation reflecting the REIT’s transition to becoming a fully integrated self-managed REIT.
The REIT currently has investments in nearly 16,000 luxury apartment homes and has been externally managed by Behringer since its inception in 2006. Both the corporate name change and transition to self-management are expected to occur on June 30, 2014.
Longtime multifamily veteran, with over 25 years’ experience, Mark Alfieri, currently President and Chief Operating Officer of the REIT, will become Chief Executive Officer after the self-management process is completed. The name change and management transition constitutes an important milestone for the REIT and provides added flexibility for the REIT to take advantage of opportunities to improve efficiencies and to enhance shareholder value. The REIT has one of the industry’s youngest portfolios, with an average age of five years. As of December 31, 2013, the REIT had consolidated assets of approximately $2.9 billion and currently has a development portfolio of approximately $1.5 billion in various phases of development. In addition, the REIT has two large institutional co-investment partners.
Following the completion of the self-management process, an affiliate of the REIT will manage the REIT’s assets. The management company and those assets will be known as and showcased as the Monogram Apartment Collection.
“The REIT has the scale and scope for success and is financially poised for solid growth,” said Mr. Alfieri. “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.”
As Alfieri and other members of the REIT’s dedicated management team will be leading the REIT after it becomes self-managed, this change also signifies continuity and an affirmation of the eight-year-old REIT’s success.