SWIB adds $100m to Nuveen’s U.S. Cities Multifamily Fund

The State of Wisconsin Investment Board (SWIB) has backed Nuveen’s U.S. Cities Multifamily Fund with a $100 million commitment, IREI has learned.

U.S. Cities Multifamily Fund is an open-end perpetual life real estate investment vehicle, designed to acquire and manage institutional-quality multifamily rental properties in select cities across the United States. The fund opened to investors in early 2019.

Nuveen’s U.S. Cities Multifamily Fund will 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 who are renters by necessity rather than by choice.

SWIB previously invested $150 million in the Nuveen U.S. Cities Industrial Fund.