Brookfield Invests in Airbnb-Branded Apts.

Airbnb’s Live There app, introduced in 2016. The home-sharing giant “has been very active with us in making sure we stay true to their brand,” says Niido’s Cindy Diffenderfer. (Photo: Airbnb)

MIAMI—Seeing strong growth potential in the concept of multifamily development with home sharing in mind, Brookfield Property Partners will invest up to $200 million in Niido, a partnership between Airbnb and locally based Newgard Development Group. Brookfield’s initial investment will be in the first ground-up Niido property, now under construction in the Orlando suburb of Kissimmee, FL and slated to open in the first quarter of 2018.

Silverpeak Real Estate Partners has committed $20 million of equity alongside Brookfield, thereby providing a further boost to the venture’s ability to scale up quickly. “Niido provides an opportunity to acquire quality multifamily product while simultaneously capitalizing on an increasing demand for home-sharing opportunities,” says Silverpeak managing director Brad Lebowitz.