According to SiiLA data, there are more than 11,000 multifamily units across Brazil. The occupancy rate for these properties closed 2024 at 82%. SiiLA’s monitoring also indicates that 13 new towers were delivered in 2024.

• Read more: Exploring Brazil's Multifamily Real Estate: A New Frontier for Investors 

The multifamily market has grown, driven by factors such as increasing urbanization, demographic shifts, declining birth rates in Brazil, and new housing demands. In 2024, REsource discussed the impact of changes in Caixa Econômica Federal's real estate financing rules and consecutive hikes in the Selic rate.

• And more: Inside a Multifamily: Greystar Opens the Doors of Ayra Pinheiros and Explains Market Opportunities

Brookfield Properties is also investing in the multifamily model, with the Glória Building in downtown Rio de Janeiro serving as a clear example of this transformation. The building will undergo a retrofit, converting from a commercial to a rental residential asset to meet the growing demand for housing in the area, under the Reviver Centro program, which seeks to revitalize the city's downtown.

Brookfield, which manages R$200 billion in assets across sectors such as Infrastructure, Renewable Energy & Transition, Private Equity, and Real Estate, stated that it studied the market for nearly three years before making its investments. “The country is experiencing a promising moment for revitalization and investment in retrofit properties, especially in central areas,” the company noted.

Brookfield made its first investment in the sector in late 2021 when it acquired 5,000 residential units from Luggo’s future portfolio. The Glória and A Noite buildings, both in Rio de Janeiro, are the most recent additions to the company’s multifamily portfolio in the city.

The company continues to monitor multifamily market opportunities. Regarding the Glória Building project, Brookfield highlights: “The project is under development, and we remain attentive to market opportunities.”

• See also: Azo Inc. Sells 97% of A Noite Building to Brookfield, Betting on the Multifamily Model to Revitalize the Iconic Landmark