A clutch of real-estate funds plan to buy mid-Atlantic multi-unit owner. Essex Property Trust, UBS Wealth Management North American Property Fund and AEW Oriole Co-Investment have formed a joint venture called Oriole Partnership to buy Town and Country Trust in an all-cash transaction.

Baltimore-based Town and Country owns, operates and redevelops apartment buildings in Pennsylvania, Delaware, Maryland, Virginia and Florida.

Not another word

Oriole proposes to pay $36 apiece in cash for each of Town and Country’s outstanding common share, and make a pro-rata payment of 43 cents a share in lieu of the stock’s quarterly dividend. If the non-binding proposal results in a definitive agreement, Oriole says a deal is likely to close before the end of March. In addition to meeting customary closing conditions, the deal needs the approval of two-thirds of Town and Country’s common shareholders to go through.

Oriole and the firms behind it say they aren’t allowed to breathe another word about the deal.

Banc of America Securities and UBS Investment Bank are Oriole’s financial advisors to, and Willkie Farr & Gallagher is its legal counsel. Town and Country’s corporate counsel is Cleveland-based Squire Sanders & Dempsey, according to its website.

Palo Alto, Calif.-based Essex Property Trust is a real estate investment trust that acquires, develops and manages apartment communities.

UBS Wealth Management North American Property Fund, a subsidiary of UBS Wealth Management Global Property Fund, is an investment fund focused on North American real estate.

AEW Capital Management (AEW), a real-estate investment advisory and an affiliate of IXIS Asset Management Advisors, formed AEW Oriole Co-Investment to facilitate its investment in Oriole Partnership. –FWR

Purchase a reprint of this story.