Brookfield, Fairfield Residential hold $1b final close

Brookfield Asset Management and Fairfield Residential have held a $1 billion final close on Brookfield Fairfield U.S. Multifamily Value Add Fund III.

Brookfield Property Partners and Fairfield committed $330 million to the fund, aligning their interests with those of the fund’s investors. Other investors in the fund are a diverse group of more than 25 institutional investors, including public and private pension plans, registered investment advisers, financial institutions, endowments and foundations, and family offices.

This is the third multifamily fund managed by Brookfield and Fairfield, which seeks to invest in multifamily assets throughout the United States by acquiring and renovating existing apartments and engaging in ground-up development in select coastal markets. The previous fund in the series, Brookfield Fairfield U.S. Multifamily Value Add Fund II, held an $805 million final close in 2014.

Trey Stafford, portfolio manager at Fairfield, commented on the multifamily market, stating, “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, Fund III has 16 investments closed or under contract throughout the east and west coasts of the United States with almost $470 million of equity committed to those investments.

Brookfield Asset Management is a global alternative asset manager and Fairfield Residential is an owner and operator of apartment communities throughout the United States.