Brookfield Property Partners will invest up to $200M in "Niido powered by Airbnb," a 300-unit, Airbnb-branded apartment building near Walt Disney World Resorts in Kissimmee, Florida.
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Brookfield will put an initial $20M toward funding the first property in Kissimmee, which is being built by developer Newgard Development Group, and will invest the remaining $180M over the next several years to aid in the acquisition and development of multifamily residential buildings in Florida, and later in major markets across the U.S.
“Brookfield is eager to partner with Niido to grow and diversify our multifamily real estate investments,” Brookfield Multifamily Managing Director Jonathan Moore said in a statement. "Brookfield is well-positioned to apply its investment capital and experience to help Niido take home-sharing to major cities in the U.S."
New York-based Silverpeak Real Estate Partners has also committed $20M to help scale the concept.
The first apartment buildings, which will be designed specifically with home-sharing in mind and will offer features such as keyless entry and secure storage options, are slated to open in 2018. Another 2,000 units are planned for development over the next two years.
“We’ve shown how landlords, developers and Airbnb can work together to create value for everyone," Airbnb Director of Global Multifamily Housing Partnerships Jaja Jackson said in a statement. "We’re excited to continue to work together to make home sharing easier to landlords, tenants and travelers."
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