Varia US and Brookfield form USD 693.9 million multifamily joint venture

Varia US Properties AG, a Swiss-listed investor in the U.S. multifamily sector, has entered into a definitive agreement with affiliates of Brookfield Asset Management to form a USD 693.9 million two-vehicle joint venture. The deal involves 13 of Varia US’s 17-property portfolio, consisting of 4,112 units across nine U.S. states.

The joint venture is designed to provide up to USD 200 million in equity capital for future acquisitions, allowing Varia US to reposition its portfolio toward higher-quality assets. Under the terms, Brookfield will hold a 90 percent stake in the first portfolio (four properties with 1,060 units) and a 40 percent stake in the second portfolio (nine properties with 3,052 units). Varia US will retain 10 percent and 60 percent stakes in those respective vehicles and will continue to manage operations.

Four properties, comprising 1,162 units with a gross asset value of approximately USD 125.8 million, will remain wholly owned and consolidated by Varia US. The company intends to use the proceeds from the transaction and planned disposals to fund new acquisitions, enhancing liquidity and reducing capital requirements associated with older assets. The transaction is expected to close in early Q4 2026.