The deal will see Brookfield pay, through one of its real estate funds, $28.75 per share in cash for the Richmond Heights, Ohio,-based company.
Associated Estates owns 56 apartment buildings in the Midwestern, Mid-Atlantic and Southeastern U.S.
Brookfield has been a significant investor in multi-family units for some time.
Its affiliate, Brookfield Property Partners, controls around 22,000 multi-family units throughout North America under the brand Fairfield Residential.
Jeffrey Friedman, chairman and chief executive of Associated Estates Realty, said the deal follows a business review undertaken by the company last December.
"After analyzing the company's strategy, assets and other opportunities, including running a process involving a number of qualified potential buyers, the board unanimously determined that this transaction is the best course of action to maximize shareholder value," Friedman said in a statement.