Nuveen raises $840m for fund targeting U.S. cities

Nuveen Real Estate has raised $840 million for its U.S. Cities Multifamily Fund, an open-end vehicle that focuses on core multifamily investments in the United States.

The fund is part of Nuveen Real Estate’s Global Resilient Series of open-end, core investment funds that provides investors with opportunities to invest in multifamily, retail, office, and industrial assets, according to Caroline Baker, a spokeswoman at Nuveen.

The fund targets 35 cities best positioned for demographic and structural growth, according to Nuveen’s website.

The first close was anchored by a $450 million capital commitment and seed portfolio from a third-party investor, as well as a $100 million co-investment from Nuveen’s parent company, TIAA, added Baker.

“We believe by accessing the full depth and breadth of middle-income renter demand, more durable cash flow can be delivered than if limited to upper-income renter demand only,” said Nikita Rao, managing director,