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Nuveen adds $500M to multifamily, industrial funds

Nuveen Real Estate, one of the world’s largest real estate investment managers, has raised an additional $500 million across its U.S. Cities Multifamily Fund and U.S. Cities Industrial Fund.

Since its launch, the U.S. Cities Multifamily Fund has raised $1.02 billion from eight investors, including $327 million raised in its most recent closing from institutional investors in the U.S. and abroad.

“We continue to experience strong investor demand for the U.S. Cities Multifamily Fund from institutions seeking income opportunities during what has proven to be an extremely challenging environment,” said Nikita Rao, Portfolio Manager, U.S. Cities Multifamily Fund.

NIKITA RAO

“The cities we invest in remain attractive destinations for middle income and millennial renters, supporting our thesis that these locations are resilient and continue to deliver attractive long-term cash flow opportunities.”

Launched earlier this year, the U.S. Cities Industrial Fund has raised $836 million from 15 investors, which includes $176 million raised in its most recent closing from domestic and foreign institutional investors.

“The U.S. Cities Industrial Fund’s strategy and portfolio are performing very well in the current environment during which COVID-19 has proven to be an accelerant for e-commerce activity, bolstering secular demand trends for warehouse space,” said Brian Tilton, Portfolio Manager, U.S. Cities Industrial Fund.

Focused on long term durable cash flow, the U.S. Cities Multifamily Fund seeks to capitalize on demand from what we refer to as “MiMi” (millennials and middle income) household renters.

The fund is currently diversified across several assets representing thousands of units located in U.S. growth markets characterized by high, stable occupancy rates, strong labor markets and a robust tenancy composition.

The U.S. Cities Industrial Fund targets investments that are anticipated to generate resilient and durable income through market cycles with a strategic overweighting to light industrial assets and U.S. sunbelt markets.

The fund’s portfolio, currently 98 percent occupied, continues to demonstrate its resiliency with a high-quality tenant roster with little near-term lease rollover, resulting in durable and sustained income.

Both funds are included in Nuveen Real Estate’s Global Resilient Series of open-end, core real estate funds, which recently launched the sixth and final strategy, the U.S. Cities Office Fund, completing the series and offering investors a comprehensive, cohesive and customizable real estate solution for investors focused on diversification, income and long-term capital growth.

“A global approach to core real estate allocation allows investors to optimize their strategy and risk management through tailored diversified exposure,” said Wendy Pryce, Managing Director, Real Estate Product Specialist.

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