DALLAS AREA – A Plano-based apartment investor with multiple properties in the Dallas area is being sold for $3 billion.
Monogram Residential Trust Inc. is being purchased by a fund headed by apartment developer and investor Greystar Real Estate Partners.
Monogram owns seven Dallas-area rental communities, including the Alexan apartment project overlooking Stemmons Fwy. and the Arpeggio in Victory Park.
The real estate investment trust also owns large apartment developments in Dallas' Oak Lawn neighborhood, Addison and Arlington.
JPMorgan Chase Bank has agreed to provide $2 billion in debt for the acquisition.
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