(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN DIEGO-Toronto, Ontario-based Brookfield Asset Management Inc. and San Diego-based Fairfield Residential Co. LLC have successfully closed the Brookfield Fairfield US Multifamily Value Add Fund with total commitments of $323 million. The fund, which was initially launched with a $250-million target, received strong support from several global institutional investors.
Brookfield committed an additional $50 million to the fund, which is being managed by Fairfield. The latter firm is pursuing investment opportunities to acquire undervalued or underperforming multifamily apartment properties in infill or supply-constrained locations suitable for renovation, reposition and operational turnaround. The fund is currently 50% invested, with Fairfield serving as Brookfield’s platform for investments in US multifamily residential properties.
“We believe that the current environment offers attractive investment opportunities as a result of both a limited new supply of apartment properties and strong potential growth in rental demand in major markets across the US,” said David Arthur, managing partner at Brookfield, in a prepared statement. “We are confident that the combination of Fairfield’s multifamily expertise and Brookfield’s sponsorship will enable the fund to successfully capitalize on these opportunities.”
Greg Pinkalla, Fairfield’s COO, added that his firm believes the closing of the fund “is a result of the valuable synergies created by integrating Fairfield’s multifamily platform and expertise with Brookfield’s investment and asset-management discipline.”
As GlobeSt.com previously reported, in August we exclusively learned that Rockwood at the Cascades, a 223-unit luxury apartment community in Sylmar, CA, had been listed for sale at a discount to replacement cost by Fairfield Residential, its original developer. The news was told to GlobeSt.com by Dean Zander of the L.A. office of Hendricks & Partners, who along with Vince Norris is marketing the property. Completed in 2008, Rockwood is located along Foothill Boulevard in the northeastern area of the San Fernando Valley within minutes of the 5, 118, 210 and 405 freeways and is a short distance from the Santa Clarita Valley.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
