Brookfield's Multifamily Property Acquisition in San Francisco

This article is a news analysis detailing Brookfield's recent acquisition of a portfolio of 2,149 rent-controlled multifamily properties in San Francisco through a foreclosure auction. The acquisition process was lengthy, with Brookfield tracking the portfolio since 2010, initially attempting to purchase it in late 2019. The firm successfully acquired the properties after purchasing non-performing first mortgages valued at approximately $915 million. The article outlines the strategic approach taken by Brookfield, highlighting the collaboration among various teams within the firm to facilitate the acquisition. The managing partner discusses the operational challenges faced by the properties and the potential for stabilization and investment. Additionally, the article notes Brookfield's long-term commitment to the San Francisco market, despite recent challenges, and anticipates further opportunities in the multifamily sector as capital structures become dislocated. The article concludes with insights into Brookfield's perspective on future investment opportunities in the market.