The Real Deal New York

Brookfield buys 15 Cliff as part of $1.9B portfolio deal

Carmel Partners sells 3,870-unit, California-centric package
By Mark Maurer and Rich Bockmann | June 11, 2018 03:35PM

Ric Clark, Ron Zeff, and 15 Cliff Street (Credit: Wikipedia and Carmel Partners)

Brookfield Property Partners acquired a 30-story Financial District rental tower as part of a $1.9 billion, multi-state portfolio purchase from Carmel Partners, sources told The Real Deal.

The Canadian development giant closed on the $125.4 million purchase of the 157-unit, 154,000-square-foot tower at 15 Cliff Street in May. The building was one of seven that Carmel Partners, a San Francisco-based multifamily developer led by Ron Zeff, sold to Brookfield in one large transaction.

The 3,870-unit multifamily portfolio also includes five properties in California and one in Hawaii. The properties are: Atelier ($203.9 million), Alder ($159.4 million) and Eighth & Grand ($393.2 million) in Los Angeles; Altana ($239.1 million) in Glendale, California; Vintage ($168.6 million) in Pleasanton, California; and Kapilina, a 1,451-unit waterfront apartment complex ($575.4 million) in Oahu, Hawaii.

The package is known as “Project Europa” and is almost entirely new construction. The portfolio sale first appeared in Real Capital Analytics, but is not yet in property records.

Eastdil Secured, which brokered the portfolio deal, declined to comment. Representatives for Brookfield and Carmel did not immediately respond to requests for comment.

Brookfield, which is behind the Manhattan West development on the Far West Side, is among the most aggressive players in the ground-up space this year: It bought the sites of a major project in the Mott Haven area of the Bronx and bought into two development sites at the Greenpoint Landing project in Brooklyn.  It’s also set to be Kushner Companies’ new partner at the 666 Fifth Avenue skyscraper in Manhattan.