Nuveen Real Estate, a global real estate investment manager with $125 billion of assets under management, has launched its U.S. Cities Multifamily Fund. 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 Real Estate’s parent company, TIAA. The open-end perpetual life real estate investment vehicle will acquire and manage institutional-quality multifamily rental properties in select cities across the United States.
The fund seeks to acquire well-located properties with high, stable occupancy levels located in top-tier cities and select growth markets across the United States. The fund’s strategy has a primary focus on high-quality assets that appeal to the largest base of renters: Millennials and middle-income households (MiMis) who are renters by necessity rather than by choice. The fund launched with a diverse portfolio of nine assets comprised of class A a
