Nuveen collects $500m for U.S. multifamily, industrial funds

Nuveen Real Estate has raised an additional $500 million for its U.S. Cities Multifamily Fund and U.S. Cities Industrial Fund.

This brings Nuveen’s U.S. Cities Multifamily Fund to $1.02 billion in capital commitments from eight investors, including $327 million raised in its most recent closing from institutional investors in the United States and abroad. The U.S. Cities Industrial Fund has now raised $836 million from 15 investors, which includes $176 million raised in its most recent closing from domestic and foreign institutional investors.

The U.S. Cities Multifamily Fund seeks to capitalize on demand from what Nuveen calls “MiMi,” or millennials and middle-income household renters. The fund is currently diversified across several assets representing thousands of units located in growth markets characterized by high, stable occupancy rates, strong labor markets and a robust tenancy composition.

“We continue to experience strong investor demand for th