Brookfield Asset Management Buys Quality Portfolio for $414M

Brookfield Asset Management Inc.

today announced the acquisition of portfolio of 19 apartment communities with 4,892 units located in North Carolina, South Carolina and Virginia for a total of $414 million from Babcock & Brown Residential. This high quality portfolio is concentrated in the Charlotte and Raleigh-Durham sub-markets where strong economic and population growth is expected to yield superior occupancy rates and rental increases. The average occupancy of the portfolio is 92%. The portfolio is currently financed with individual non-recourse first mortgage loans which have been assumed as part of the transaction.