CalSTRS to acquire Fairfield Residential from Brookfield: report

Fairfield currently manages 43K apartments nationwide

May.May 14, 2019 05:30 PM
CalSTRS CEO Jack Ehnes and Fairfield Residential apartments

CalSTRS CEO Jack Ehnes and Fairfield Residential apartments

CalSTRS reportedly plans to buy the apartment company Fairfield Residential from Brookfield Asset Management.

CalSTRS, the California state teacher pension fund, will be acquiring a company that manages 43,000 apartments nationwide, including luxury and affordable housing, the publication Pensions & Investments reported. The price was not disclosed.

Toronto-based Brookfield bought San Diego-based Fairfield out of bankruptcy in 2010 for about $19 million, according to Reuters.

Brookfield and Fairfield closed a $1 billion fund in September to invest in multifamily properties. CalSTRS is also an investor in another fund of Brookfield’s and Fairfield’s.

Fairfield is active in South Florida and sold a number of large assets in 2018.

In November, Fairfield Residential sold Siena Apartments, a 292-unit apartment community at 8080 Northwest 10th Court in Plantation to American Landmark for $62 million. It also sold two apartment complexes, one in Tampa and another in Sunrise, in October to Priderock Capital Partners for $98 million.

The company is currently building a six-story apartment building, the Fairfield Pompano, at 601 North Federal Highway in Pompano Beach, which will have 327 rental units along with ground-floor commercial space.

CalSTRS serves more than 949,000 members and families. The asset value of its investment portfolio was $233.9 billion as of April 2019, according to its website. Calls to CalSTRS and Brookfield were not immediately returned. [Pensions&Investments]Keith Larsen 

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