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Brookfield raises $299.6 million for second multifamily fund
Brookfield Asset Management and its affiliate Fairfield Residential Co. have raised $299.6 million for the Brookfield Fairfield U.S. Multifamily Value Add Fund II, according to a filing with the Securities and Exchange Commission.
Fairfield is Brookfield’s platform for investments in U.S. multifamily residential properties. In 2010, Fairfield Residential Co. emerged from Chapter 11 protection and underwent a reorganization plan. Brookfield and the California State Teachers' Retirement System invested approximately $29 million to recapitalize Fairfield Residential Co. In return for its investment in Fairfield's recapitalization, Brookfield acquired a 65 percent equity stake in the company and Brookfield h