Canada’s Brookfield REIT has announced three southeastern U.S. multi-residential real estate acquisitions valued at about US$150 million.

Toronto-based Brookfield purchased a 25-storey student housing property in Atlanta near Georgia State University for US$116 million. The 741-bed Reflection project opened in 2022.

Brookfield also bought an 89-home townhouse property in Chattanooga and has placed a build-to-rent asset in Birmingham, Ala., under contract. The REIT expects the Birmingham deal to close next week.

The Birmingham investment will benefit from nearly 2,000 jobs to be created from the completion of the near UAB Medical West Hospital development and the $1.1 billion Smucker’s facility, said Brookfield in a news release.

“With access to over $550M of liquidity, we are well positioned to take advantage of market dislocation while continuing to meet 100% of investor redemption requests,” said Dana Petitto, the REIT’s portfolio manager and COO. These acquisitions will all contribute meaningfully to the future growth of our portfolio.”

With the acquisitions, the REIT’s portfolio value has grown to C$2.2 billion, said Brookfield.

Pictured: Reflection apartment complex in Atlanta purchased by Brookfield REIT

Photo: Uhomes.com