Brookfield Properties Acquires Newland, Expands Footprint
In a strategic effort to capitalize on current market conditions, Newland is joining Brookfield Properties. This acquisition of Newland and its 5 percent general partner’s equity interest in 15 of the 20 active master-planned communities further positions Brookfield as a land development company with a wide breadth of land holdings and operations.
In addition to significantly broadening Brookfield Residential’s geographical footprint to complement its existing platform, the acquisition closing enhances its strategy to grow its development business and capitalize on the high demand for land and lot supply. By adding 20 of Newland’s active communities across 10 states to its current 30-community land portfolio, Brookfield Residential has access to a land pipeline for expanding its traditional homebuilding operations. Moreover, it provides opportunities to build out a sizeable single-family rental portfolio alongside a strong multifamily portfolio of lots.
The addition of Newland’s approximately 35,000 lots – in addition to 8,500 multifamily apartments and 2,200 commercial acres – places this portfolio with approximately 80,000 lots controlled. The combined footprint now spans across U.S. real estate markets including Atlanta, Austin, Charleston, Dallas-Ft. Worth, Denver, Hawaii, Houston, Greater Los Angeles area, Phoenix, Portland, Raleigh-Durham, San Diego, San Francisco/Bay Area, Seattle-Tacoma, Tampa, Washington, D.C. and Wilmington, DE. In addition, Brookfield Residential has 30,000 lots controlled in the Canadian marketplace.
Bob McLeod, former Newland executive chairman, will take on a new role as executive, land investments at Brookfield Properties.