Fresh on the heels of the MAA/Post Properties merger, The Wall Street Journal's Craig Karmin and Dana Mattioli report on the possible sale of Monogram Residential Trust, citing confidential sources.
The Plano, Texas–based owner of more than 50 communities and 15,000 units is said to be actively exploring a deal with potential buyers, though talks are in the early stages and may not come to fruition.
Monogram CEO Mark Alfieri declined to comment but said, “The board will always do what is in the best interest of all shareholders.”
... In March, activist hedge fund Snow Park Capital Partners called for Monogram to explore strategic alternatives, including a sale of the company, amid unrest on its board and a wave of real-estate transactions.
The company in March issued a filing with the Securities and Exchange Commission that said the majority of its nine-member board had formed an executive committee that excludes the two directors from Behringer Investments. The board cited “conflicts of interests” of the Texas investment firm‘s board members.