Brookfield Asset Management Inc. and Fairfield Residential closed its Brookfield Fairfield U.S. Multifamily Value Add Fund III, attracting aggregate equity commitments of $1 billion. The duo’s third multifamily fund is looking for value-add apartments in select coastal markets.

To date, the Fund has 16 investments closed or under contract throughout the east and west coast of the U.S., with almost $470 million of equity committed to those investments. Fund investors include public and private pension plans, registered investment advisors, financial institutions, endowments and foundations and family offices. Brookfield Property Partners L.P. and Fairfield committed $330 million to the Fund.

“We are grateful for the strong commitment and support we have received from our investors in raising our largest multifamily Fund ever,” said Trey Stafford, Fairfield Portfolio Manager.

“Today, the multifamily space has great market fundamentals, alongside strong demographic trends, that create a compelling opportunity for us to apply our fully-integrated platform to generate and execute on multifamily investments.”

For comments, questions or concerns, please contact Amy Sorter