The real estate arm of investment giant TIAA has made one of the biggest multifamily deals in the country this year, buying a portfolio largely based in New York City with 12,000 apartments.
Nuveen, which manages $1.1T in assets, has closed on its acquisition of the entire portfolio of assets of Omni New York LLC, the developer and owner co-founded by former baseball star Mo Vaughn and Eugene Schneur.
Omni has overseen the rehabilitation and construction of more than 19,000 units of affordable housing since its founding in 2004. The entirety of the existing 12,000-unit portfolio, with more than 10,000 units in the Bronx, Brooklyn, Queens, Manhattan, Long Island and Newark, NJ, is affordable and will now be operated by Nuveen, which plans to maintain the units' affordability. The deal brings Nuveen's affordable housing portfolio to $6.4 billion under management. Terms of the acquisition were not disclosed, but a spokesperson for Nuveen told Bisnow that before the deal, the firm had a 121-property, 21,000-unit affordable housing portfolio worth $3.2 billion, and another $500 million invested in debt and equity strategies. Nuveen has invested in affordable housing in the U.S. since 1992, but the Omni acquisition takes place against a backdrop of a severe housing supply and affordability crisis across the country — and especially in New York City.
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