13 May CalSTRS inks deal to buy apartment operator Fairfield Resid…
CalSTRS acquired apartment operator Fairfield Residential from real estate manager Brookfield Asset Management, according to sources familiar with the matter.
Brookfield bought Fairfield out of bankruptcy in 2010. Fairfield currently manages 43,000 units nationwide, including luxury, new construction and renovated apartments in urban and suburban neighborhoods as well as tax-credit, affordable housing. In September, Brookfield and Fairfield closed $1 billion Brookfield Fairfield U.S. Multifamily Value Add Fund III.
CalSTRS is an investor in Brookfield and Fairfield’s second joint fund, Brookfield Fairfield U.S. Multifamily Value Add Fund II. The “occasional purchase” of real estate operating companies is part of CalSTRS’ collaborative model for real estate, said Mike DiRe, director of real estate, at CalSTRS’ May 9 investment committee meeting.
CalSTRS officials did not respond to questions concerning the Fairfield purchase. Brookfield executives declined comment. Further information about the transaction wasn’t immediately available.