Brookfield to partner with Airbnb in $200M Florida deal

Investment giant joins JV with Niido

TRD New York /
Dec.December 19, 2017 07:00 AM

Brookfield’s Ric Clark and Airbnb founders Joe Gebbia, Nathan Blecharczyk, and Brian Chesky

Brookfield Property Partners plans to invest up to $200 million in a series of Florida multifamily properties whose units will be rented out through Airbnb for part of the year, the company announced Monday.

The Canadian investment giant formed a joint venture with Niido, the developer behind the projects. It will invest $20 million in the first project, a 324-unit property in Kissimmee, Bloomberg reported.

The partners plan to buy existing buildings and under-construction projects in Miami, Fort Lauderdale and Tampa and turn them into a giant home-sharing experiment: tenants will be allowed to sublet their pads via Airbnb for less than half the year. In return, the landlords get a share of the income (Brookfield’s cut will be 25 percent).

Newgard Development Group, the Miami-based firm behind Niido, and Airbnb first announced the Kissimmee project in October. New York-based Silverpeak Real Estate Partners is also investing $20 million in the property.

Niido hopes that the ability to legally make extra money through Airbnb will make the buildings more appealing to potential tenants. “It certainly gives you a competitive advantage because it’s different,” Niido co-founder Cindy Diffenderfer told Bloomberg. “You’ve got a ton of inventory coming to the marketplace, especially in Florida.” [Bloomberg]Konrad Putzier

Related Articles


“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

SoftBank taps former Sprint CEO to fix WeWork, this borough could house Trump’s presidential library: Daily Digest

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Fisher Brothers' Winston Fisher and 55 East 52nd Street (Credit: Getty Images)

Airbnb investor takes more pricey office space on Park Avenue

Embattled Prodigy Network CEO Rodrigo Niño to step down

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail