Nuveen Real Estate has completed the final close of its CASA Partners IX multifamily fund with $410 million of equity commitments.
The capital came from two new investors, Bouwinvest and Samsung SRA Asset Management, on behalf of Samsung Life, and three U.S. institutional investors that are long-standing clients with the Nuveen platform.
CASA Partners IX is the latest in a series of value-add funds managed by Nuveen Real Estate with a total gross asset value of $4.4 billion. The closed-end, value-add multifamily vehicle seeks to acquire and reposition rental properties that are located in stable and growing markets, and that either have been undercapitalized, overleveraged or mismanaged. The fund’s target assets include class B, garden-style communities that are valued below replacement cost, appeal to a wide range of household incomes and can achieve post-renovation rents at a significant discount to class A and newer product rents in the market.
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