CalSTRS to buy Fairfield Residential
The $233.9 billion California State Teachers’ Retirement System has plans to acquire apartment operator Fairfield Residential from Brookfield Asset Management, reported media outlets, citing unnamed sources with knowledge of the deal.
An official statement has not been released.
The pension fund did not respond to this reporter’s emails.
Recently, Fairfield Residential become the new manager of Apex Laguna Niguel, a 284-unit asset located in Orange County. Overall, the firm has approximately 43,000 units nationwide across 36 markets.
Last year, Brookfield and Fairfield Residential held a final close on Brookfield Fairfield U.S. Multifamily Value Add Fund III with $1 billion in equity commitm