CalSTRS to acquire Fairfield Residential from Brookfield: report

Fairfield currently manages 43K apartments nationwide

TRD NATIONAL /
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 


Related Articles

arrow_forward_ios
Brookfield Property Group’s Brian Kingston and 3400 Northwest 74th Avenue (Credit: Google Maps)

Brookfield picks up more industrial properties near MIA for $83M

Jeffrey Soffer and the Diplomat Beach Resort (Credit: Getty Images)

Jeffrey Soffer in talks to buy 1,000-room Diplomat Beach Resort for under $1B: report

7500 Northwest 35th Terrace and Brookfield Asset Management CEO Bruce Flatt

Brookfield affiliate picks up tire distribution center for $20M

Diplomat Beach Resort at at 3555 South Ocean Drive

Brookfield’s Hollywood Diplomat scores $168M refi

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Mayfair Hotel & Spa and Brookfield CEO Bruce Flatt

Brookfield buys Mayfair hotel in Coconut Grove for $40M-plus

Greg Pinkalla, CEO of Fairfield Residential and a rendering of Fairfield Pompano

Fairfield scores $57M construction loan for Pompano Beach apartments

Troubled K. Hovnanian sells part of Coral Springs community to Brookfield

Troubled K. Hovnanian sells part of Coral Springs community to Brookfield

arrow_forward_ios