Nuveen Real Estate has completed the completion of CASA Partners IX, securing $410 million from two new investors, Bouwinvest and Samsung SRA Asset Management, on behalf of Samsung Life, and three long-time U.S. institutional investors clients of the platform Nuvean.
CASA Partners IX, a value-added gated multi-family strategy, seeks to acquire and reposition well-located rental properties that have been undercapitalized, over-leveraged or mismanaged. The targeted assets will primarily consist of Class B garden-like communities that are valued below replacement cost, attract a wide range of household incomes and can achieve post-renovation rents at a significant discount from Class A rents and newer products on the market.
“With a housing shortage in the United States, the current market continues to present compelling opportunities to reposition assets and provide residents with improved properties with affordable post-renovation rent,” said Michael Schwab, portfolio manager, housing. , Americas in New York. Nuvean.