Nuveen Targets Renters by Choice with New Multifamily Fund
Nuveen Real Estate has launched its U.S. Cities Multifamily Fund with $550 million at its first close. The new fund is an open-end perpetual life real estate investment vehicle that will acquire and manage institutional-quality multifamily rental properties in select cities across the U.S.
The first close is anchored by a $450-million capital commitment and seed portfolio from a third-party investor, alongside a $100 million co-investment from Nuveen’s parent company, TIAA.
The fund’s strategy has a primary focus on high-quality assets appealing to the largest base of renters: Millennials and middle-income households who are renters by necessity rather than by choice.
“Millennials and middle-income households represent a stable and sustainable long-term source of demand for apartments, and Nuveen Real Estate believes this demand will continue to keep occupancy rates strong, particularly in metro areas benefiting from job growth and an expanding economy,” said Nikita Rao, the fund’s portfolio manager.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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