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Brookfield acquires portfolio of 19 apartment communities for $414M

Brookfield Asset Management announced the acquisition of portfolio of 19 apartment communities with 4,892 units located in North Carolina, South Carolina and Virginia for a total of $414M from Babcock & Brown Residential. Brookfield intends to invest an additional $30M 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.