CalSTRS to acquire Fairfield Residential from Brookfield: report

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