Monogram Residential Trust Delivers Two Large-Scale Communities on East Coast

PLANO, Texas, Sept. 30, 2015 /PRNewswire/ -- Monogram Residential Trust, Inc. (NYSE: MORE), an owner, operator and developer of luxury apartment communities in select markets across the United States, announced the openings of two high-profile communities – Nouvelle in Tysons Corner, Virginia and ZINC in Cambridge, Massachusetts. These new projects are highly anticipated openings for their significance toward community development goals, adding a combined total of approximately 1,500 new residents.

Nouvelle brings 461 apartments and 7,000 square feet of street-level retail to the movement to transform Tysons from an office submarket to a trending residential and retail center, boosted by the addition of a new Ty Tran system and Metro station. Similarly, ZINC, a 392-unit high rise apartment, not only adds an iconic 15-story building to the Cambridge skyline, but also borders a new urban neighborhood in the planning stages and is located across from the planned MBTA train station that will take thousands of residents to and from Boston every day.

"These two new developments will have a transformational impact on their communities, maximizing the convenience of urban living created by transportation infrastructure projects," said Mark T. Alfieri, Chief Executive Officer, President and Chief Operating Officer of Monogram. "Opening two high-profile communities in significant markets is a milestone of success for the Monogram portfolio during our first year as a self-managed company."

Tysons Corner Redevelopment Momentum Continues with Nouvelle Opening

Nouvelle is located within a short walk of the new Silver Line Station, which has been a driving force behind Tysons Corner's evolution from an employment center to a walkable community. Tysons Corner is on track to deliver 3 million square feet of residential, 2.3 million square feet of office and 85,000 square feet of retail space by 2018. Monogram has worked closely with Tysons Partnership, ensuring that plans for the boutique, luxury apartment community with pedestrian-friendly retail fulfill community goals.

"Nouvelle embodies the modern urban lifestyle now offered in Tysons, with its exceptional amenities and stunning exterior," says Michael Caplin, President of Tysons Partnership. "With ground-floor retail, Nouvelle enhances the area's pedestrian activity, and within a short walk, you can work, play, dine, shop, and educate your children at one of the nation's premier K-12 schools. Tysons now has everything for everyone, and we are proud to welcome Nouvelle to the neighborhood."

The eco-friendly LEED Silver Certified building, developed by Hanover, stands at 27 stories and includes state-of-the-art luxuries, including a fully-equipped athletic center, on-site personal concierge, key fob access, two executive conference rooms and business center, a theater room, covered parking and resort-like living on the terrace level with an open-air heated pool, cabana lounge, elegantly landscaped gardens and a fireplace. Inside the units, residents will enjoy first-class finishes and appliances, including floor-to-ceiling windows, Nest climate control thermostats, hardwood floors, built-in desk and book shelves, in-home Whirlpool washer and dryer, spacious walk-in closets, Juliet balconies, and travertine and marble backsplash kitchen detail. Plans for retail include boutique-style retailers and food options to contribute to the neighborhood's destination-driven focus and enhance the Tysons Corner experience.

ZINC Opening Part of Strategic Development in Cambridge

ZINC's highly anticipated opening drives momentum in the area which is seeing a boom in redevelopment and improved connectivity to surrounding neighborhoods. Developed by Wood Partners, the multifamily community is located steps away from the soon-to-be relocated MBTA Lechmere Station on the Green line, providing easy access for Boston commuters. The extended Green Line will stop right in front of the multifamily community, and the property is within walking distance to attractions like the Cambridge Galleria, TD Garden and Museum of Science. ZINC boasts a 15,000-square-foot outdoor terrace featuring grilling stations, TVs, a fireplace and sculpture. Residents also have full access to 24-hour concierge service, a fully-equipped bike shop, pet spa, media room and business center, fitness center with a yoga, Pilates and spin room, and a clubroom lounge with a kitchen, pool table and flat screen TV. The apartment homes also include quartz countertops, single basin sinks, stainless steel appliances, self-closing drawers, floor-to-ceiling windows, walk-in closets and full-size washer and dryers.

"We're extremely proud of this project for its role in supporting development growth in the greater Boston area," added Alfieri. "Every detail, from the exterior architecture down to the luxury amenities at ZINC, is a reflection of Cambridge's progressive character. In real estate, we have the opportunity to push the boundaries, creating exceptional experiences for our residents while evolving the urban living experience."

Equity for the two projects was provided by Monogram and Monogram Residential Master Partnership I LP, a joint venture between Monogram and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds.

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.

Related Links

http://www.monogramres.com

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