SEPTEMBER 23, 2014

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Brookfield fund holds $805m close

by Andrea Waitrovich

Brookfield Asset Management has held an $805 million final close for Brookfield Fairfield Multifamily Value Add Fund II. The multifamily fund launched in July 2013 and held an initial closing in September 2013. Brookfield, through its BPY real estate investment entity, committed $300 million to the fund.

The fund seeks to make value-add investments in major markets throughout the United States. Fund sponsors expect the final portfolio mix to include about two-thirds acquisitions and about one-third in new developments, primarily in coastal markets. Portfolio leverage is capped at 65 percent. It is approximately 50 percent pre-specified.

The primary acquisition officer for the fund is Richard Boynton, who operates out of Fairfield Residential’s  San Diego office. The portfolio manager for the fund is Brent Ball

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