CALGARY, Oct. 14, 2015 /CNW/ – Brookfield Residential (Alberta) LP (“Brookfield Residential”) has agreed to purchase ALBI Homes (“ALBI”) of Calgary.

ALBI, a leading luxury home builder in Calgary and recipient of numerous industry and customer service awards including the 2014 National Grand SAM Award for product and design excellence, has built 3,300 homes throughout 35 communities since 1982.

The acquisition gives customers buying from Brookfield Residential a wider range of products from starter homes through to the estate market. Brookfield Residential is a leader in Alberta in building homes under $500,000.

“ALBI provides great opportunities for us to keep our customers for life, whether it’s their first home or moving up,” said Trent Edwards, Chief Operating Officer, Brookfield Residential in Alberta. “ALBI will bring best practice in delivering exceptional customer experience to high-end luxury buyers that can benefit all our customers. It’s experience we don’t currently have in house and complements our existing operations.” Mr. Edwards made the announcement today in Riverstone of Cranston one of the 61 communities Brookfield Residential has built in Calgary over the past 57 years.

“What’s exciting about this acquisition is that despite the challenging economic times, it re-affirms Alberta is a place to do business. I’m very excited for what the future holds for us,” said Allan Klassen, President and Managing Partner at ALBI Homes.

“Brookfield Residential has a great reputation. It’s a dynamic company committed to the same values, culture, innovative excellence and exceptional quality that we have built since 1982 and have become known for,” said Tom Mauro, the founder of ALBI.

In honour of Mr. Mauro and his wife Debra’s long time commitment to Calgary, Brookfield Residential announced the creation of five new student scholarships that are valued in total at $100,000. The scholarships are at SAIT Polytechnic (Southern Alberta Institute of Technology) and the University of Calgary.

This acquisition is scheduled to close in the coming weeks and is subject to various closing conditions. Financial details of the acquisition are confidential.

Brookfield Residential (Alberta) LP, a subsidiary of Brookfield Residential Properties Inc., is committed to being more than a homebuilder. With more than 55 years of experience in Alberta, we deliver on our company’s reputation for creating “The Best Places to Call Home,” through thoughtful home designs and community master planning that brings people together generating greater quality of life for residents. For more information on Brookfield Residential (Alberta) LP, visit Alberta.BrookfieldResidential.com.

Brookfield Residential Properties is a leading land developer and homebuilder in North America. We entitle and develop land to create master-planned communities, build and sell lots to third-party builders, and operate our own home building division. We also participate in selected, strategic real estate opportunities, including infill projects, mixed-use developments, and joint ventures. We are the flagship North American residential property company of Brookfield Asset Management, a leading global alternative asset manager with over $200 billion of assets under management. Further information is available at BrookfieldResidential.com or Brookfield.com.

SOURCE Brookfield Residential Properties Inc.