Nuveen Real Estate has acquired nine multifamily properties in the United States for a new strategic investment portfolio focused on acquiring and managing institutional quality multifamily rental properties in select U.S. cities.
“As investors look to commercial real estate for income and diversification, we are well-positioned to build an attractive portfolio of apartment assets that reflect the dynamic and stable growth attributes of this sector,” said James Martha, Head ofU.S. Housing, Nuveen Real Estate.
“We have over six decades of experience investing in the multifamily sector and have established a strong platform to match client
capital with investment opportunities that respond to modern living needs.”
The nine-asset seed portfolio is comprised of Class A and B multifamily properties totaling more than 3,000 units that have high, stable occupancy levels and span eight core U.S. markets.
According to its latest research, Think US: Investing in the MiMis, Nuveen Real Estate believes that MiMis will continue to drive demand for apartments in the coming decade as their contribution to the U.S. economy continues to grow.
“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, Portfolio Manager.
Nuveen Real Estate’s U.S. direct multifamily residential equity and mortgage debt investments are valued at over $17 billion*. The platform is comprised of 245 investments across 50 markets and multiple sub-sector types, including Class A and B, luxury, workforce housing and specialty demand properties, such as student and senior housing.
Added Rao, “We believe that our specialised investment teams, decades ofexperience, local market knowledge and presence on the ground give us an advantage in terms of sourcing new opportunities in this dynamic sector. Our platform is well positioned to provide this portfolio with institutional quality deal execution balanced with speed, flexibility, risk mitigation and accuracy.”