Monogram Residential Trust Acquires Two Properties

PLANO, Texas, Oct. 12, 2015 /PRNewswire/ -- Monogram Residential Trust, Inc. (NYSE: MORE), an owner, operator and developer of luxury apartment communities in select markets across the United States, today announced the acquisition of two properties, EV in San Diego, California and The Mark in Boca Raton, Florida, in separate transactions. Monogram acquired the two luxury apartment communities as part of a tax deferred exchange, utilizing proceeds from previously announced dispositions, supporting the Company's investment strategy of exiting non-core markets and growing its core coastal market portfolio.

"We are pleased to add two new, highly amenitized urban communities in core target coastal markets to our operating platform utilizing a tax efficient exchange," said Mark T. Alfieri, Chief Executive Officer, President and Chief Operating Officer of Monogram. "We continue to grow our portfolio through both development and acquisitions, where we are able to recycle capital toward higher growth regions. We believe that as a result of this strategy, Monogram will be able to produce outsized growth over the long term."

EV, a 208-unit luxury apartment community located in the East Village neighborhood of San Diego, the city's largest urban neighborhood and home to more than 700 businesses, is nearing completion and began leasing in summer 2015. With an average unit size of 734 square feet, the 5-story community offers residents state-of-the-art amenities, including a 9,000-square-foot rooftop deck with panoramic views of downtown San Diego, a full fitness center, media room, dog run and first-floor outdoor courtyard with fireplaces. Inside the units, residents enjoy quartz countertops, custom cabinetry and elegant high ceilings. The property is located near downtown's most popular attractions, including PETCO Park, the Gaslamp District and Balboa Park.

The Mark, a 208-unit, 12-story apartment community, is centrally located in downtown Boca Raton, just two blocks north of Mizner Park, which consists of over 150,000 square feet of high-end retail, restaurants and professional offices. The Mark is approximately 73% occupied and was completed in August. Amenities at The Mark include a sky-view pool and spa, rooftop cabana with kitchen, 24-hour fitness center, 10^th floor clubroom and eight levels of above grade parking. Units feature a chef's kitchen with quartz countertops and modern stainless steel appliances, floor-to-ceiling sliding glass doors, wood-inspired plank flooring, and the highest views in Boca Raton. The property is within walking distance of Boca Raton Resort and Golf Club, nearby beaches and Royal Palm Place, a lifestyle mixed-use development.

About Monogram

Monogram Residential Trust, Inc. ("Monogram"), is a fully integrated self-managed real estate investment trust that invests in, develops and operates high quality multifamily communities offering location and lifestyle amenities. Monogram invests in stabilized operating properties and properties in various phases of development, with a focus on communities in select markets across the United States. Monogram's portfolio includes investments in 56 multifamily communities in 11 states comprising 15,837 apartment homes.

Forward Looking Statements

This press release contains forward-looking statements relating to the business and financial outlook of Monogram Residential Trust, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Statements regarding the following subjects may be impacted by a number of risks and uncertainties such as our business strategy; our ability to obtain future financing arrangements; estimates relating to our future distributions; our understanding of our competition; market trends; and projected capital expenditures. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this document, and other factors described in the Risk Factors section of Monogram Residential Trust, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2014 and in subsequent filings with the SEC. Forward-looking statements in this press release speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.  We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SOURCE Monogram Residential Trust, Inc.

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