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Nuveen Real Estate to invest in Sparrow, a newly launched platform shaping the future of single-family home rentals
Nuveen’s strategic investment provides capital for Sparrow to expand its single-family home rental platform as well as grow its portfolio of single-family homes. Sparrow and Nuveen will invest in high-growth markets across the Sun Belt states that demonstrate attractive economic and demographic drivers. The platform will start with targeted cities within Texas, Florida and Arizona.
Nuveen’s investment in Sparrow is part of Nuveen’s expanding alternative real estate platform.
“Our investment in Sparrow allows us to efficiently scale with a best-in-class team in a sector where we have tremendous conviction,” said Michael Hunter, Global Head of Alternatives and Strategic Transactions at Nuveen Real Estate. “We believe the fundamental shift in demographics and lifestyles which underpin demand for single-family rentals is just starting to emerge.”
The single-family rental market is supported by secular tailwinds as the millennial generation, the largest U.S. age cohort, transitions out of apartment living and into singlefamily homes. Sparrow will invest in high-quality, attractively-located suburban neighborhoods with access to strong school districts and amenities.
“We are excited to add single-family rentals to our suite of investment capabilities,” said Wendy Pryce, Managing Director of Product at Nuveen Real Estate. “This is a key step in expanding Nuveen’s housing strategy.”
Scottsdale, Ariz. based Sparrow was founded by partners Patrick Whelan and Jami Schulman who have decades of experience acquiring, leasing and managing residential properties. The team has been involved in the origination, acquisition, development and asset management of single-family rentals valued in excess of $2 billion since 2012.
“Nuveen entering the single-family home rental community further speaks to the long- term strength and viability of a sector we have long believed in,” said Patrick Whelan, CEO of Sparrow. “We are excited that Nuveen chose to invest in our platform and look forward to growing our partnership.”
RBC Capital Markets, LLC provided advisory services to the transaction.

Source: Nuveen, June 30, 2020.
Notes to Editors
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Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.