Brookfield Asset Management is parting ways with a pair of Connecticut multifamily properties.
The Toronto-based firm sold the Winchester Lofts in New Haven and 1111 Stratford in Stratford as part of a three-property, $117 million deal with Illinois-based B3 Holdings LLC. The transaction also included the 195-unit Ashton Mills in Cumberland, Rhode Island.
Institutional Property Advisors’ Victor Nolletti, Eric Pentore and Wes Klockner brokered the transaction on behalf of Brookfield. Nolletti said the two Connecticut properties have benefited from residents working in the greater New Haven and Upper Fairfield County areas.
The Winchester Lofts consists of 158 units across 210,000 square feet at 275 Winchester Avenue in New Haven. At 1111 Stratford Avenue, 128 units are spread across 113,500 square feet in the Fairfield County town.
Brookfield picked up the properties when it acquired Forest City Realty Trust in 2018 for $6.8 million.
It wasn’t immediately clear how the sale breaks down for the individual properties. The Stratford site was last sold in 2012 for $1.2 million, while the New Haven property last traded hands in 2013 for an undisclosed amount, according to local records.
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The firms did not immediately respond to a request for comment.
The acquisition marks B3 Holdings’ first major foray into the Northeast, as the real estate investment and property management firm’s portfolio is centered around Chicago and Seattle.
Brookfield was reported in May to be looking at spinning off its asset management business into an entity to control the firm’s fee-generating assets, including real estate, infrastructure, credit, private equity and renewable energy.
The goal would be to allow investment in a publicly traded entity separate from Brookfield’s $50 billion in direct-owned assets. CEO Bruce Flatt has told investors that a spinoff could create a company worth up to $100 billion.