RREEF buys Doral multifamily property from Brookfield for $146M
Since July, Brookfield sold four multifamily properties to RREEF for $425M
RREEF Management bought Doral West Apartment Homes for $146.4 million, marking at least its fourth South Florida multifamily purchase from Brookfield in recent weeks.
An affiliate of Brookfield Asset Management sold the community at 5400 Northwest 114th Avenue to RREEF, which is part of Frankfurt, Germany-based asset manager DWS Group.
The 388-unit Doral West, built around a lake, spans 22 acres, property records show. The deal breaks down to about $377,000 per unit.
Asking rents start at $2,100 for a one-bedroom unit, $2,400 for a two bedroom, and $2,865 for a three bedroom, according to the complex’s website.
Toronto-based Brookfield, led by CEO Bruce Flatt, has more than $625 billion of assets under management in real estate, infrastructure, renewable energy, private equity and credit, according to its website. The investor is in the process of spending $6.5 billion to privatize its real estate arm Brookfield Property Partners.
RREEF closed on two Palm Beach County communities, the Vista Lago in West Palm Beach and Waterstone at Wellington, for a combined $157.5 million in August.
This came right after it bought Marela Apartments in Pembroke Pines for $121.3 million in July.
It is unclear whether the RREEF-Brookfield multifamily trades in South Florida are part of a larger portfolio deal. RREEF previously declined to comment, and Brookfield did not return requests for comment.