Brookfield Pays $414M for 4,892-Unit Portfolio in Three States
In a $414 million pickup, Brookfield Asset Management has taken title to a 4,892-unit multifamily portfolio in the Carolinas and Virginia.
The seller was Babcock & Brown Residential, which was advised by Robert W. Baird & Co. Inc. The 19-property portfolio, boasting 92 percent average occupancy, is concentrated in Charlotte and the Raleigh-Durham submarkets.
The properties were financed with individual non-recourse first mortgage loans, which the buyers have assumed. Brookfield's affiliate Fairfield Residential has a presence in the same markets so it will manage the assets.
Brookfield plans to invest $30 million to upgrade and reposition the properties so it can increase rents and the investment return, according to a press release.