Brookfield and Fairfield Residential Close US$1 Billion U.S. Multifamily Value Add Fund
05 Setembro 2018 - 08:30AM
Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX:
BAM.A, Euronext: BAMA) and Fairfield Residential (“Fairfield”)
announced today that they held the final close on Brookfield
Fairfield U.S. Multifamily Value Add Fund III (“VAMF III” or “the
Fund”), with aggregate equity commitments of $1 billion. This is
the third multifamily fund managed by Brookfield and Fairfield,
which seeks to invest in multifamily assets throughout the U.S. by
acquiring and renovating existing apartments and engaging in
ground-up development in select coastal markets.
Investors in the Fund are a diverse group of
more than 25 institutional investors, including public and private
pension plans, registered investment advisors, financial
institutions, endowments and foundations and family offices.
Brookfield Property Partners L.P. and Fairfield committed $330
million to the Fund, aligning their interests with those of the
Fund’s investors.
Trey Stafford, Portfolio Manager at Fairfield,
said, “We are grateful for the strong commitment and support we
have received from our investors in raising our largest multifamily
Fund ever. Today, the multifamily space has great market
fundamentals alongside strong demographic trends that create a
compelling opportunity for us to apply our fully integrated
platform to generate and execute on multifamily investments.”
To date, the Fund has 16 investments closed or
under contract throughout the east and west coast of the U.S. with
almost $470 million of equity committed to those investments.
Brookfield Asset Management Inc. is a leading
global alternative asset manager with over $285 billion in
assets under management. The company has more than a 115-year
history of owning and operating assets with a focus on real estate,
renewable power, infrastructure and private equity. Brookfield
offers a range of public and private investment products and
services, and is co-listed on the New York, Toronto and Euronext
stock exchanges under the symbol BAM, BAM.A and BAMA,
respectively.
Fairfield Residential is a
leading owner and operator of apartment communities throughout the
U.S. We manage 43,000 units nationwide across luxury new
construction and renovated apartment homes in urban and suburban
neighborhoods and tax credit affordable housing properties. We
offer a fully integrated national multifamily services platform
providing development, construction, renovation, asset and property
management, and acquisition and disposition services to our
investors.
For more information, please visit our website
at www.brookfield.com or contact:
Claire
Holland Communications & Media Tel: (416) 369-8236 Email:
claire.holland@brookfield.com |
|
Linda
Northwood Investor Relations Tel: (416) 359-8647 Email:
linda.northwood@brookfield.com |
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