Brookfield to invest $200M in Airbnb home-sharing spinoff Niido

Tenants will lease units and rent them out for up to 180 days

December 19, 2017 09:45 AM

Photo illustration (Credit: Airbnb, Getty)

Brookfield Property Partners will partner with Airbnb’s spinoff Niido by investing up to $200 million to buy up multifamily properties and “optimize” them for home-sharing and “flexible living” over the next few years.

The deal will see Brookfield taking a 25 percent cut of revenues for every apartment subleased through Airbnb at the Niido properties, including planned housing in Miami, Fort Lauderdale and Tampa, Bloomberg reported. Brookfield will start with a $20 million investment into a 324-unit Niido property in Kissimmee, Florida.

New York-based firm Silverpeak Real Estate Partners also invested $20 million of equity into the venture.

Tenants will lease units at Niido properties on a yearly basis, but can rent them out for up to 180 days through Airbnb. A Niido app will offer services including “calendar management, amenity booking, and keyless entry,” for both tenants and their subleasees, according to a release.

The Kissimmee complex will feature large common areas and flexible room setups that will allow renters to convert them from an office to a bedroom for guests, for example, according to the Architects Newspaper.

The building is expected to start leasing in early 2018 and rents will start at around $1,300 foor a one-bedroom apartment, according to Bloomberg.

Niido itself is a partnership between Airbnb and Miami-based Newgard Development Group, and the properties it develops with its partners at Brookfield will be branded “Niido Powered by Airbnb,” the release noted. Airbnb will be a “branded partner” but will not actually hold any ownership stake in the Kissimmee property. [Bloomberg] — Dennis Lynch

Related Article


Here’s everything you need to know about Opportunity Zones

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon