Brookfield Pays $414M To Snap Up 19 Apt. Communities

Law360, San Diego (February 11, 2013, 2:03 PM EST) -- Brookfield Asset Management Inc. said Monday it has picked up 19 apartment communities in Virginia and the Carolinas for $414 million from Babcock & Brown Residential in a move to grow its multifamily residential property portfolio.

The Toronto-based alternative asset manager said the portfolio of 4,892 units is concentrated in the Charlotte and Raleigh-Durham submarkets, where robust economic and population growth is expected to yield superior occupancy rates and rental increases.

The average occupancy of the portfolio is 92 percent. The portfolio is being financed with...
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