The multifamily concept represents a bold new venture resulting from the collaboration between Brookfield Asset Management and JFL Living at the Parque da Cidade Complex in the  Chucri Zaidan region, of São Paulo. Situated within the former Four Seasons building, now part of the JW Marriott Hotel tower, this residential development spans 11 floors and is slated for occupancy in 2024.

Featuring units ranging from 95 m² to 215 m², this high-end multifamily asset by Brookfield will coexist with four other towers and a shopping center, shaping a luxurious residential experience. Brookfield and JFL, with ownership stakes of 60% and 40%, respectively, will invest R$ 30 million in retrofitting and decoration to transform Parque da Cidade into a prestigious landmark within the city.

Carolina Burg Terpins, co-founder and CEO of JFL Living, expresses enthusiasm about the project, stating, "Our purpose is always to offer convenience, along with tailor-made services created based on the needs of our customers. Parque da Cidade aligns with all of this and integrates our expansion plan. This negotiation started in 2018, but only now were we able to formalize the acquisition and close with Brookfield, which makes us very happy."

Multifamily, a rental-focused development model where units are leased by a company rather than individual property owners, is a novel concept in Brazil, though it has existed for over a century in the USA.

"We are thrilled to be part of this project with JFL. Parque da Cidade is a highly distinctive development and serves as the headquarters for major Brazilian and multinational companies. We believe in the high rental potential for a multifamily project, and there's no better location than within the Parque da Cidade Complex," remarks André Lucarelli, Senior Vice President of Investments at Brookfield.

Residents of the 77 apartments will enjoy access to all hotel amenities, including the rooftop and breakfast services.

Brookfield Boasts a Diverse Portfolio of Commercial Properties, Including Offices and Logistics Warehouses

According to the SiiLA data analysis platform, Market Analytics, Brookfield portfolio includes  42 A+, A, and B cre properties, ranging from offices to industrial warehouses, throughout Brazil. The company has a Brazilian portfolio of over R$ 185 billion in assets under management; globally, it's US$ 850 billion.