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Nuveen Real Estate Expands Multifamily Portfolio with Acquisition of Two Properties in Minneapolis
The first investment, Flux Apartments, is an amenity-rich property ideally located in the Uptown/St. Louis Park neighborhood. The property consists of a mix of studio, one and two bedroom units averaging 757 square feet, and is proximate to many notable employers with easy access to public transportation and major highways.
The second acquisition, Junction Flats, is located in the North Loop Neighborhood of Minneapolis and boasts direct frontage on the Greenway, a 5 mile walking, biking and jogging path. The property is walkable to employment, retail, and unique restaurant and night-life offerings, and is one of the fastest growing living areas for millennials.
“These high quality assets along with the large portfolio we acquired in February reflect the types of assets the fund will continue to invest in,” said Nikita Rao, Portfolio Manager of the Fund. “With these additional acquisitions, the Fund portfolio now consists of 11 assets with over 3,400 units, across nine core U.S. markets, valued at $965.5 million.”
Nuveen Real Estate’s U.S. direct multifamily residential equity and mortgage debt investments are valued at over $20 billion*. The platform is comprised of 245 investments across 50 markets and multiple sub-sector types, including Class A and B, luxury, workforce housing and specialty demand properties, such as student and senior housing.
The portfolio is part of Nuveen Real Estate’s Global Resilient Series which aims to capitalize on long-term, structural real estate themes and demographic megatrends by investing in dynamic and resilient cities. The U.S. sleeve of the series, which provides investors the opportunity to customize their allocations to the four main property types – multifamily, retail, office and industrial – is grounded in global market and economic forecasts, thematic recommendations, local market analyses and execution.
About Nuveen Real Estate
Nuveen Real Estate is one of the largest investment managers in the world with $130 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.
With over 80 years of real estate investing experience and more than 600 employees* located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise. For further information, please visit us at nuveen.com/realestate
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Source: Nuveen, 30 Sep 2019.