Waterford Place Purchased by Brookfield

From the Triad Business Journal:

Brookfield (NYSE: BAM), a multibillion-dollar asset management firm, acquired the portfolio from Babcock & Brown Residential. The total purchase includes 4,893 rental units, which were 92 percent occupied at the time of sale, and will bring Brookfield’s portfolio to about 20,000 units throughout the U.S…

Greensboro’s Waterford Place apartment complex was included in the deal. The new owners agreed to assume the Waterford Place mortgage taken out in 2005 for a total of $20.3 million, according to an assumption agreement filed in Guilford County.

Brookfield affiliate Fairfield Residential will assume management of the properties. Robert W. Baird & Co. advised the seller, Babcock & Brown Residential, in the portfolio disposition.