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Monogram Residential pays $80.5M for Fla. multifamily asset

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Capital Markets View – January 2021


Monogram Residential pays $80.5M for Fla. multifamily asset

Monogram Residential Trust Inc. detailed its purchase and sales activity for the second quarter and beyond.

The company off-loaded Muse Museum District and Allusion West University in Houston for $60.0 million and $49.0 million, respectively, during the second quarter. The properties were held in joint ventures in which the company's interest was 55%.

In addition, after the quarter end, Monogram sold Veritas in Henderson, Nev., for $76.5 million. It also purchased the 229-unit Boca City Walk, in Boca Raton, Fla., and the 182-unit The Washingtons, in Melrose, Mass., for $80.5 million and $75.0 million, respectively.

The 240,391-square-foot Boca City Walk was sold by LMC/USPF Boca City Walk Owner, an affiliate of Lennar Corp., according to the South Florida Business Journal.