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Brookfield to Launch Major Investment in Home-Sharing Program


Brookfield to Launch Major Investment in Home-Sharing Program

A developer buying and building apartments for home-sharing has announced an equity investment deal of as much as $200 million with Brookfield Property Partners.

Toronto-based Brookfield will invest $20 million in Niido’s first apartment community planned in Kissimmee, FL, near Orlando. Niido, a partnership of Airbnb and Newguard Development Group of Miami, said this fall it will open apartment buildings in Florida and other parts of the country where tenants can rent the units when they’re not living there.

The apartments will be leased annually, with residents being able to rent their units through Airbnb for up to 180 days a year. A new app integrated with Airbnb’s system will allow residents to check guests in and offer additional assistance.

Niido said it plans to open more than 1,800 units throughout Florida, including Miami, Sunny Isles, Coral Gables, Fort Lauderdale, Kissimmee, Orlando and Tampa.

Niido co-founder Cindy Diffenderfer said the program will work nationally as well, and the company is evaluating other urban locations for expansion.

Brookfield’s financial heft of $68 billion in assets, “Will add a lot of fuel to the fire,” by helping Niido quickly expand, Diffenderfer said.

“Brookfield is eager to partner with Niido to grow and diversify our multifamily real estate investments,” said Jonathan Moore, a managing director at Brookfield. “Brookfield is well-positioned to apply its investment capital and experience to help Niido take home-sharing to major cities in the U.S.”

Another firm, Silverpeak Real Estate Partners, plans to invest $20 million in Niido’s home-sharing venture as well.

“We are very excited and honored to have signed this joint venture with Brookfield and Silverpeak as we execute on our vision of changing how people live while introducing a new experience that is valuable for tenants, their guests, Airbnb and landlords alike,” said Niido CEO Harvey Hernandez.

Paul Owers, South Florida Market Reporter  CoStar Group   

Source: Brookfield to Launch Major Investment in Home-Sharing Program

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