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PERPETUAL-LIFE fund Greystar Growth & Income Fund (GGIF) LP, which Singapore sovereign wealth fund GIC has a stake in, has completed the acquisition of Monogram for a total transaction value of US$4.4 billion.
Monogram is an owner, operator and developer of high-quality apartment communities with a significant presence in select coastal US markets.
As at June 30, 2017, Monogram's portfolio includes investments in 48 multifamily communities in 10 states comprising 13,438 apartment homes.
Lee Kok Sun, chief investment officer and regional head, Asia for GIC Real Estate, said: "We are pleased to establish our partnership with Greystar with this acquisition. The US multifamily sector's positive supply-demand dynamics and Monogram's high-quality assets in attractive markets provide a valuable seed portfolio that fits well with the venture's long-term strategy and Greystar's management capabilities."