TORONTO—Brookfield Asset Management said Thursday it intended to buy the remaining 30% of Brookfield Residential Properties it doesn't already own. The all-cash offer is for $23 per share, or about $846 million, representing a premium of approximately 20% on the closing price for BRP shares Wednesday.

BAM has presented its proposal to the Calgary-based homebuilder's board of directors. Separately, BRP said Thursday it had received the non-binding proposal and had established a committee of independent directors to review it.

As of its 2013 annual report filed this past March, BRP controlled about 110,000 lots in 11 markets across Canada and the US, including a total of approximately 45,000 lots in Calgary and Edmonton, Alta. The fifth largest residential platform by land and housing assets in North America, it was created in March 2011 upon the merger of Brookfield Homes Corp. and Brookfield Office Properties' residential division, Carma Developers LP.  Prior to the merger, it was 100% owned by BAM.

Bloomberg reported Thursday that shares of BRP have declined 18% over the past year, while those of BAM have risen 13% in that time. Toronto-based BAM has about $200 billion in assets under management globally.