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NEW YORK, July 4 (Reuters) - A new fund led by Greystar Real Estate Partners, the largest operator of apartments in the United States, will acquire luxury U.S. apartment developer Monogram Residential Trust Inc in a deal valued at about $3 billion, the companies said on Tuesday.
Monogram's shareholders will receive $12 per share in cash in the deal, representing a 22 percent premium to the company's closing price July 3.
Plano, Texas-based Monogram owns, operates and develops luxury apartment communities in coastal and urban markets including southern Florida and Boston.
The new fund led by Greystar, called Greystar Growth and Income Fund LP, also received additional founding capital from affiliates of Dutch pension capital investor APG Asset Management N.V., Singaporean sovereign wealth fund GIC and Canadian real estate investor Ivanhoe Cambridge.
Calls for comment to Greystar and Monogram were not immediately returned.
Real estate-focused activist investors Snow Park Capital Partners LP last year urged Monogram to explore strategic alternatives including a sale because its shares were trading at a significant discount.
Analysts have noted that Monogram faces subpar performance and substantial debt maturities this year and next.
In addition to its U.S. investments, Charleston, South Carolina-based Greystar has been expanding abroad, scouting out opportunities in major Chinese cities and planning to own 10,000 apartments across London by 2021, Reuters has reported.
Morgan Stanley & Co LLC and Goodwin Procter LLP advised Monogram in the deal. Greystar was advised by J.P. Morgan Securities LLC and Jones Day. (Reporting by Jessica DiNapoli; Editing by Matthew Lewis and Lisa Shumaker)