Morgan Stanley’s Prime Property Fund said Monday it would acquire real estate investment trust AMLI Residential Properties Trust, which owns and manages a number of high-end apartment communities, for $2.1 billion in cash and assumed debt.

The Prime fund, a $4.5 billion diversified real estate fund, will pay $37.75 per share or ownership unit in AMLI, a 21 percent premium over AMLI’s Friday closing price of $31.27.

Shares of AMLI rose $6.25, or 20 percent, to close at $37.52 Monday on the New York Stock Exchange, while Morgan Stanley rose $1.30, or 2.5 percent, to close at $53.40.

AMLI owns and operates 75 upper-income apartment complexes in the Midwest, Southeast and other locations containing 28,356 apartment homes.

AMLI has nine apartment communities in the Kansas City metro area, and formerly owned a complex in Lawrence that now is known as The Greens at Alvamar.