SWIB allocates $100m for Nuveen’s CASA Partners IX

IREI has learned that the State of Wisconsin Investment Board (SWIB) has committed $100 million to CASA Partners IX, a closed-end value-add multifamily strategy managed by Nuveen.

The strategy seeks to acquire and reposition rental properties that have either been undercapitalized or mismanaged, according to Nuveen. Targeted assets will primarily consist of class B, garden-style communities that 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.

CASA Partners IX will identify relative value and target assets below replacement cost that are less impacted by new supply and are well-positioned for a recovering economy. It will target well-located assets that are either undermanaged, undercapitalized or over leveraged in stable and growing markets.

“As the pandemic halted most 2020 construction, further contributing to the existing shortage of housing units,