Brookfield, Fairfield Close $1B US Multifamily Value Add Fund

Brookfield Asset Management headquarters

Brookfield Asset Management and its US housing platform Fairfield Residential held the final close on Brookfield Fairfield US Multifamily Value Add Fund III with aggregate equity commitments of $1 billion. This is the third multifamily fund managed by Brookfield and Fairfield, which seeks to invest in multifamily assets by either acquiring and renovating existing apartments or developing new product in select coastal markets. It is also their largest multifamily fund to date, according to Trey Stafford, portfolio manager at Fairfield.

There are more than 25 institutional investors in the fund, including public and private pension plans, registered investment advisors, financial institutions, endowments and foundations and family offices. One investor is the Ohio Bureau of Workers’ Compensation, which is committing $75 million to the fund, according to a board meeting report, per IPE Real Assets.