Brookfield: BREX Briggs DST
Investment Overview
Briggs & Union is a luxury 490-unit residential community in Mount Laurel Township, New Jersey, consisting of 21, three-story apartment buildings spread across 74 private, scenic acres with expansive, resort-style amenity spaces. The property has had consistently high occupancy (95% as of March 31, 2025), with an estimated annual rental growth rate of 3% for the Philadelphia area.
Offering Strengths
Brookfield is a prominent institutional sponsor, with a young but already substantial parent REIT for this 721 program. The Philadelphia–Camden–Wilmington MSA is a Tier 1 employment market with a population of approximately 6.3 million and a broad base of employers in healthcare, education, logistics, finance, and manufacturing, which supports long-term rental housing demand. The Briggs & Union community is a newer-vintage (2019–2020) Class-A, 490-unit garden-style asset with high-end finishes, extensive amenities, and a 95.1% occupancy rate as of May 2025. The DST master-lease structure provides assurance of short-term income reliability, with base rent designed to cover debt service and distributions. The property’s location offers direct access to I-295 and the New Jersey Turnpike and is within two miles of major retail destinations such as Wegmans, Target, and Costco, enhancing both resident convenience and leasing appeal.
Offering Weaknesses
The Philadelphia MSA, while large and diverse, is not projected to experience above-average population growth compared to faster-growing Sunbelt markets, which could limit long-term rent growth potential. The Mount Laurel submarket faces ongoing affordable housing mandates under New Jersey’s Mount Laurel Doctrine, which may increase future multifamily supply and create additional competitive pressure. Overall, New Jersey is decisively one of the least landlord-friendly states in the U.S. Its policy environment is heavily weighted toward protecting tenant rights, limiting eviction flexibility, and imposing significant financial and procedural burdens on property owners.
Key Facts
Sponsor: Brookfield
Structure: Delaware Statutory Trust (DST)
Location(s): New Jersey
Property Type(s): Multifamily
Assumable Loan: 50.34% LTV
Estimated Hold Period: 2 Years
Key Features
1031 Exchange: Yes
721 Exchange/UPREIT: Yes; Investor Required
Cash-Out Refinance: No
Income Guarantee: No
Distribution Forecast
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Investor Cash Flow | 4.65% | 4.93% | 5.23% | 5.24% | 5.54% | 5.85% | 6.17% | 6.50% | 6.84% | 7.19% |
Sponsor Overview
Brookfield is one of the world’s largest and most successful real estate investors, with a legacy spanning more than a century and a reputation for delivering value through all market cycles.
Brookfield’s investment philosophy is simple and consistent: acquire high-quality assets, invest on a value basis, and enhance value through active management. The firm’s global footprint and deep operating expertise allow them to spot trends in real time and enhance efficiencies to consistently deliver strong returns for our investors through market cycles.
Brookfield currently manages $1 Trillion+