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Report: Brookfield completes sale of Manhattan, N.Y., rental portfolio


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Report: Brookfield completes sale of Manhattan, N.Y., rental portfolio

L+M Development Partners Inc. and Invesco Real Estate completed their acquisition of a portfolio of residential properties comprising 2,800 units from Brookfield Property Partners LP in Manhattan, N.Y., The Real Deal reported.

The buyers received about $823 million in financing from Wells Fargo, the publication said, citing sources familiar with the deal.

The Real Deal reported in July that L+M and Invesco had agreed to pay $1.2 billion for five of the six properties that comprise the so-called Putnam portfolio that Brookfield brought to the market in March: 1295 Fifth Ave. in East Harlem, 1990 and 1890 Lexington Ave. in East Harlem, 1940 First Ave. on the Upper East Side and 552 Main Street on Roosevelt Island. The remaining property is 3333 Broadway.

Brookfield and L+M declined to comment on the sale, the publication reported, and Invesco did not immediately respond to a request for comment.