RREEF buys Doral multifamily property from Brookfield for $146M

Since July, Brookfield sold four multifamily properties to RREEF for $425M

Miami /
Aug.August 12, 2021 01:30 PM
Chief Executive Officer of RREEF W. Todd Henderson with the Doral West Apartments (RREEF, Facebook via Doral West Apartments)

Chief Executive Officer of RREEF W. Todd Henderson with the Doral West Apartments (RREEF, Facebook via Doral West Apartments)

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.





    Related Articles

    arrow_forward_ios
    Hotel Clifton at 1343 Collins Avenue (Google Maps, Getty)
    Hawkins Way Capital sells Clifton Hotel in South Beach
    Hawkins Way Capital sells Clifton Hotel in South Beach
    Chetrit Group’s Joseph Chetrit and Collins Park Hotel rendering (Getty, Chetrit Group)
    Chetrit nabs $83M construction loan for Collins Park project
    Chetrit nabs $83M construction loan for Collins Park project
    A&D Group Realty's Americo D’Agostini with Doral Shops at 11402 Northwest 41st Street (LinkedIn)
    Retail investors pay $57M for Doral shopping center
    Retail investors pay $57M for Doral shopping center
    Mayor Daniella Levine Cava along with a rendering of the planned megaproject outside Miami-Dade County’s Urban Development Boundary (Getty, State of Florida Division of Administrative Hearings)
    UDB battle not over: Megaproject opponents take fight to state
    UDB battle not over: Megaproject opponents take fight to state
    The site at 1431 North Bayshore Drive with Genting CEO Lim Kok Thay (Genting)
    Genting wants over $1B for waterfront Miami site
    Genting wants over $1B for waterfront Miami site
    Renderings of the project and Alta Developers’ Raimundo Onetto (Behar Font & Partners, Alta Developers)
    Alta kicks off plans for second rental building near Dadeland Mall
    Alta kicks off plans for second rental building near Dadeland Mall
    The Estates at Acqualina in Sunny Isles Beach 
    Estates at Acqualina tops Miami-Dade’s weekly condo sales
    Estates at Acqualina tops Miami-Dade’s weekly condo sales
    Edna Buchanan with 400 W San Marino Drive
    Crime writer Edna Buchanan sells Venetian Islands home for $12M
    Crime writer Edna Buchanan sells Venetian Islands home for $12M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...