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Nuveen acquires Omni, strengthens its foothold in U.S. affordable housing market
Nuveen is acquiring a portfolio of assets from Omni Holding Co., an owner, operator and developer of affordable housing, for an undisclosed amount.
Omni has acquired, rehabilitated or constructed 94 projects in the United States with more than 19,000 affordable housing units. The Omni portfolio is largely concentrated in the New York metro area, with more than 10,000 units located in the Bronx, Brooklyn, Queens, Manhattan, Long Island and Newark, N.J. Nuveen will acquire Omni’s affordable housing capabilities in development, construction, maintenance, safety-technology and corporate functions to create an enhanced, vertically integrated, affordable housing asset management business.
Nuveen said the transaction positions the firm as one of the nation’s largest institutional managers of affordable housing and increases the value of Nuveen’s affordable housing assets under management to $6.4 billion.
“Our goal is to meaningfully invest in the preservation a