PLANO, TX - Monogram Residential Trust, an owner, operator and developer of luxury apartment communities in select markets across the United States, announced the acquisition of two properties, EV in San Diego, California and The Mark in Boca Raton, Florida, in separate transactions.
Monogram acquired the two luxury apartment communities as part of a tax deferred exchange, utilizing proceeds from previously announced dispositions, supporting the Company's investment strategy of exiting non-core markets and growing its core coastal market portfolio.
"We are pleased to add two new, highly amenitized urban communities in core target coastal markets to our operating platform utilizing a tax efficient exchange," said Mark T. Alfieri, Chief Executive Officer, President and Chief Operating Officer of Monogram. "We continue to grow our portfolio through both development and acquisitions, where we are able to recycle capital toward higher growth regions. We believe that as a result of this strategy, Monogram will be able to produce outsized growth over the long term."
EV, a 208-unit luxury apartment community located in the East Village neighborhood of San Diego, the city's largest urban neighborhood and home to more than 700 businesses, is nearing completion and began leasing in summer 2015. With an average unit size of 734 square feet, the 5-story community offers residents state-of-the-art amenities, including a 9,000-square-foot rooftop deck with panoramic views of downtown San Diego, a full fitness center, media room, dog run and first-floor outdoor courtyard with fireplaces. Inside the units, residents enjoy quartz countertops, custom cabinetry and elegant high ceilings. The property is located near downtown's most popular attractions, including PETCO Park, the Gaslamp District and Balboa Park.
The Mark, a 208-unit, 12-story apartment community, is centrally located in downtown Boca Raton, just two blocks north of Mizner Park, which consists of over 150,000 square feet of high-end retail, restaurants and professional offices. The Mark is approximately 73% occupied and was completed in August. Amenities at The Mark include a sky-view pool and spa, rooftop cabana with kitchen, 24-hour fitness center, 10th floor clubroom and eight levels of above grade parking. Units feature a chef's kitchen with quartz countertops and modern stainless steel appliances, floor-to-ceiling sliding glass doors, wood-inspired plank flooring, and the highest views in Boca Raton. The property is within walking distance of Boca Raton Resort and Golf Club, nearby beaches and Royal Palm Place, a lifestyle mixed-use development.