The Top 10 Multifamily Deals of the Decade

In 2006, Morgan Stanley bought two public REITs, AMLI and Town and Country Trust, in back-to-back blockbusters. The deals instantly catapulted Morgan Stanley into one of the top multifamily owners in the country. The first deal to close was the $2.1 billion AMLI acquisition in February. Morgan Stanley bought all of AMLI’s common shares and limited partnership units for $37.75 each in cash, and quickly de-listed AMLI from the New York Stock Exchange. When a joint venture between Morgan Stanley, Onex Real Estate, and Sawyer Realty Holdings turned their attention to Town and Country Trust, an intense bidding war broke out. Other suitors included Berkshire Property Advisors and a consortium that included Essex Property Trust and UBS Wealth Management. When the dust settled in March, Morgan Stanley netted Town and Country Trust for $1.5 billion, or more than $40 a share. Town and Country was also de-listed from NYSE a day after the transaction.