PLANO, Texas, Nov. 19, 2015 /PRNewswire/ -- Monogram Residential Trust, Inc. ("Monogram" or the "Company") (NYSE: MORE), an owner, operator and developer of luxury apartment communities in select markets across the United States, closes out a successful year since listing on the NYSE on November 21, 2014. In the last year, Monogram completed $390 million of acquisitions, opened and stabilized seven development communities, began leasing five more and has four projects under construction.
"We have a proven track record of growth, which fueled our transition to self-management, our NYSE listing and thus far produced a successful 2015," said Mark Alfieri, Chief Executive Officer, President and Chief Operating Officer of Monogram. "Our high quality, well occupied portfolio is the youngest among listed multifamily REITs, and looking ahead, we believe we will be able to continue to drive attractive growth as we lease up our five recent developments and deliver four new communities currently under development. Monogram is well positioned to take advantage of continued strong fundamentals in the multifamily sector and we remain focused on creating shareholder value over the long term."
The $390 million of acquisitions in 2015 include The Mark in Boca Raton, Florida and EV in San Diego, California as part of a 1031 like-kind exchange from recent asset dispositions. In May 2015, Monogram also acquired equity interests in six multifamily communities and one mezzanine loan from its joint venture partner PGGM.
In addition to acquisitions, Monogram completed and stabilized seven development communities over the past year: Arpeggio Victory Park and 4110 Fairmount in Dallas, Texas; Muse Museum District and Allusion West University in Houston, Texas; Everly in Wakefield, Massachusetts; Point 21 in Denver, Colorado; and Blue Sol in Costa Mesa, California.
Additionally, Monogram opened two large-scale development communities in high density urban and infill submarkets – Zinc in Cambridge, Massachusetts and Nouvelle in Tysons Corner, Virginia – capitalizing on a transit-oriented multifamily boom in both regions. Zinc and Nouvelle are two of five communities currently in the lease up stage, along with Cyan on Peachtree in Atlanta, Georgia, SEVEN in Austin, Texas, and Verge in San Diego, California. Earlier this month, Monogram announced the opening of SoMa in Miami, Florida. The Company completes the year with three communities currently under construction: The Alexan in Dallas, Texas; OLUME in San Francisco, California; and an additional community in Delray Beach, Florida. Monogram also anticipates the groundbreaking of a community currently in pre-development in Huntington Beach, California, in late 2015 or early 2016.
About Monogram Monogram Residential Trust, Inc. ("Monogram"), is a fully integrated self-managed real estate investment trust that invests in, develops and operates high quality multifamily communities offering location and lifestyle amenities. Monogram invests in stabilized operating properties and properties in various phases of development, with a focus on communities in select markets across the United States. Monogram's portfolio includes investments in 55 multifamily communities in 10 states comprising 15,449 apartment homes.
Forward Looking Statements This press release contains forward-looking statements relating to the business and financial outlook of Monogram Residential Trust, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Statements regarding the following subjects may be impacted by a number of risks and uncertainties such as our business strategy; our ability to obtain future financing arrangements; estimates relating to our future distributions; our understanding of our competition; market trends; and projected capital expenditures. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this document, and other factors described in the Risk Factors section of Monogram Residential Trust, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2014 and in subsequent filings with the SEC. Forward-looking statements in this press release speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SOURCE Monogram Residential Trust, Inc.