Brookfield Property Partners LP plans to invest up to $200 million in a joint venture with Niido, the multifamily development partner of Airbnb Inc., Bloomberg News reported, citing Jonathan Moore, managing director of Brookfield's apartment business.
According to the Dec. 18 report, the partners will buy up to six apartment complexes in Florida cities, including Miami, Fort Lauderdale and Tampa, and convert them into communities that tenants may rent out through Airbnb for almost half the year. The landlord would take a 25% revenue cut from every apartment subleased on the home-sharing service, the report added.
Brookfield will invest $20 million for a 324-unit property in Kissimmee, near Orlando, Fla., the venture's first property, the report noted.
Silverpeak Real Estate Partners L.P. will also contribute $20 million to the project, the report added.
