Nuveen Real Estate has launched the  U.S. Cities Multifamily Fund, a real-estate investment  that will acquire and manage multifamily rental properties across the U.S.

The fund has a $450 million capital commitment and a seed portfolio from a third- party investor, alongside a $100 million co-investment from Nuveen Real Estate’s parent company, TIAA.

“As investors look to commercial real estate for income and diversification, we are well-positioned to build an attractive portfolio of apartment assets that reflect the dynamic and stable growth attributes of this sector,” said James Martha, head of U.S. housing for Nuveen Real Estate. “We have over six decades of experience investing in the multifamily sector and have established a strong platform to match client capital with investment opportunities that respond to modern living needs.”

The fund seeks to acquire well-located properties with high, stable occupancy levels located in top-tier cities and select growth markets across the U.S. The fund’s strategy focuses on high-quality assets that appeal to the largest base of renters: Millennials and middle-income households who are renters by necessity rather than by choice. The fund launched with a diverse portfolio of nine assets, spanning eight core markets and more than 3,000 units.

According to its latest research, THINK US: Investing in the MiMis, Nuveen Real Estate believes that millenials and middle-income households will continue to drive demand for apartments in the coming decade as their contribution to the U.S. economy continues to grow.

“Millennials and middle-income households represent a stable and sustainable long-term source of demand for apartments, and Nuveen Real Estate believes this demand will continue to keep occupancy rates strong, particularly in metro areas benefiting from job growth and an expanding economy,” said Nikita Rao, portfolio manager of the fund.

Hunt Real Estate Capital provided a Fannie Mae conventional multifamily loan in the amount of $4.22 million to refinance a manufactured housing property located in Susanville, Calif.

The borrower is Hidden Acres MHP, a California limited partnership. The loan term is seven years and yield maintenance will apply during the first 6.5 years with a 1 percent prepayment fee thereafter with no fee due for the last 90 days.

Hidden Acres is manufactured housing community that is comprised of a clubhouse and maintenance building as well 101 manufactured housing units.  The site is situated on a 14-acre parcel of land.

“The borrower is a seasoned local manufactured housing investor with more than 40 years of experience in the commercial real estate industry,” said Steven Cox, senior managing director at Hunt Real Estate Capital. “He has extensive knowledge in management, investment, and development of a variety of assets and manages nearly all of his assets. He owns interest in nine manufactured housing communities located in California, Arizona, and Mississippi.”

Since the beginning of 2016, the borrower has spent just over $56,000 in capital improvements at the property, including plumbing upgrades, electrical work, painting, parking area, fencing and landscaping.

“The borrower is also a repeat Hunt Real Estate Capital client,” said Cox. “Earlier this year we financed Stadium Club, a 51-unit apartment complex in partnership. “We were pleased to provide this loan to a solid borrower on another deal to provide quality housing options for local families.”

Susanville is the county seat of Lassen County and is located around 85 miles north of Reno, Nevada. Project amenities include a clubhouse, billiards, horseshoes, and tether ball.

Gadsden Growth Properties Inc. has acquired Mission Hills Square, a mixed-use ground up development that includes 158 residential apartment units and 53,900 square feet of retail space for around $240 million in cash and stock.

Gadsden Growth Properties Inc., a privately-held real estate corporation which signed an agreement in November 2018 to merge with FC Global Realty Inc., whose stock trades over the counter.

“This acquisition is indicative of our core strategy of buying strong retail and mixed-use assets in secondary markets with robust economic and socioeconomic tailwinds,” said John E. Hartman, Chief Executive Officer of Gadsden Growth Properties Inc. “Fremont is a secondary city to both San Jose and San Francisco and is more affordable by Bay Area standards. We believe this asset significantly increases the company’s NAV and enhances the overall quality of our portfolio.”

Mission Hills Square is a new mixed-use development located in Fremont, Calif., and slated for completion in October 2019. Situated in the foothills of the San Francisco Bay Area along Highway 680, Mission Hills Square will offer 158 residential apartment units above 53,900 square feet of commercial retail space. Mission Hills future commercial tenants are anticipated to include retail stores, sit-down restaurants, and casual eateries that will serve not only the residents of Mission Hills but also the populations that live in the surrounding areas, as Mission Hills Square will be an easily accessible shopping and dining destination.

As a suburb of the San Francisco Bay Area, Mission Hills Square benefits from a high quality of life, and a well-educated work force boasting median incomes that exceed $100,000 within a five-mile radius. The project is in proximity to major employers, such as Facebook, Apple and other high-tech companies. In addition, demand for housing, coupled with low supply and high occupancy in the area, supports an inherent demand for both apartments and retail.