Alfieri Property Management
Alfieri Property Management – After seven years of growth with Behringer Harvard as its fund manager, the Texas-based Monogram Residential Trust became a fully independent company on July 1.
“It is a major event for us that aims to enhance shareholder value and provide opportunities for future growth that may not have existed in a previous form,” says Mark Alfieri, CEO of Monogram. “We have grown to a very large size in a short period of time [since 2007].”
Alfieri Property Management
Now, Monogram, a property manager, owner, and developer, employs 350 people and plans to add more than 150 as it builds its development pipeline. The company has 57 multi-family communities in 12 states comprising 16,306 units and has a development pipeline totaling approximately $1.5 billion. It currently has 19 properties under development and has also expanded a long-term relationship with Dutch pension fund PGGM for another $300 million in development.
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Now, as the company aims to develop its platform over the next several years, it has to think about what to do next. In an August filing with the Securities and Exchange Commission, the company announced that it had begun “consideration of a listing or liquidation process within two to four years,” which has been the company’s plan for a while.
“The rolling slate is a possibility that is being explored now, and it would be the next logical step, and it’s something that is fully supported by the management team if approved by the board of directors,” Alfieri says. Forms.”
An NYSE listing, for example, could put Monogram alongside its larger public peers, such as AvalonBay Communities (AVB) and Equity Residential (EQR). Monogram’s portfolio, which is about 90 percent Class A, compares favorably with the general real estate investment sector.
“We are proud of the fact that the average wallet has a lifespan of four to five years with a development streak that will keep it around that lifespan for the next several years,” Alfieri says.
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If Monogram is going to go the IPO route, it will follow a path that hasn’t really been used since a wave of shows that popped up in the ’90s. It was acquired by AVB and EQR in 2012. Other companies, such as Alliance Residential, have considered IPOs. During the downturn, there were a number of rumors that some merchant developers might be going public.
But there are other ways to list without going through an IPO. A ruling from the New York Stock Exchange also allows for the listing of non-traded REITs without an IPO. For a company that has ample cash in its coffers and doesn’t need an IPO injection, this strategy might make sense. Basically, he is just putting his shares on the market to be traded. Monogram could also consider recapitalizing its portfolio or selling its entire company.
“There are a lot of things that can happen in a strategic program over a period of time in a fund like ours,” Alfieri says.
Les Schaeffer is a former deputy editor of the Residential Construction Group. He has over ten years of experience covering multi-family and single-family housing.
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