NEW YORK CITY—Closing on the sale of a 3,962-unit apartment portfolio in Manhattan that went under contract in August, Brookfield Property Partners has paid $1 billion for the six-buildling asset to Urban American and City Investment Fund. Urban American—which maintains its operating status for the portfolio—also retained an equity interest.

Industry sources tell GlobeSt.com that Brookfield actually put up between $1 billion and $1.1 billion, making the trade one of the year’s largest multifamily deals nationwide. Further, industry members say Urban American’s remaining equity in the deal is less than 50%.

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