Toronto-based Brookfield Asset Management Inc. and San Diego-based Fairfield Residential Company LLC closed the Brookfield Fairfield U.S. Multifamily Value Add Fund III, with an aggregate equity commitments of $1 billion.

The fund seeks to invest in multifamily assets throughout the U.S. by acquiring and renovating existing apartments and engaging in ground-up development in select coastal markets. As of closing, it has 16 investments closed or under contract throughout the east and west coast of the U.S. with almost $470 million of equity committed to those investments.

The fund's investors are a diverse group of more than 25 institutional investors. Brookfield Property Partners LP and Fairfield committed $330 million to the fund.