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WASHINGTON, DC—Redbrick LMD and David Werner Real Estate Investments have completed their acquisition of a 2,175 garden-style apartment portfolio from Brookfield. The portfolio was financed with a $402 million 10-year term senior loan from Fannie Mae that was secured by Walker & Dunlop. Redbrick LMD, DWREI and The Stillman Group also kicked in equity financing along with the Hamilton Group and other long-term family office investors to fund the deal.

The transaction is representative of Redbrick’s strategy, announced last year, in which it would acquire value-add cash-flowing assets, says managing partner Tom Skinner. “These well-located, multifamily assets provide strong immediate cashflow and offer significant revenue upside,” he says in a prepared statement.

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