The Toronto-based company said Monday that most of the 4,892 units included in the deal are concentrated in Charlotte and Raleigh-Durham, N.C., but some are also in the neighbouring states of South Carolina and Virginia.
Fairfield Residential, an affiliate of Brookfield, has an existing footprint in the same markets and will manage the buildings.
Meanwhile, Brookfield intends to invest an additional $30 million to maximize value in the portfolio by selectively upgrading and repositioning assets to increase rents and return on investment. This transaction will bring Brookfield's growing multifamily portfolio to approximately 20,000 units throughout the United States.
"The acquisition of this attractive portfolio adds to Brookfield's significant multi-family platform and positions us for continued growth in this property sector," said David Arthur, managing partner at Brookfield Asset Management.
Brookfield Asset Management Inc. is a global alternative asset manager with approximately $150 billion in assets under management focused on property, renewable power, infrastructure and private equity.