Nuveen Invests in US Affordable Housing with Comunidad
Nuveen has partnered with Comunidad Partners to buy a US affordable and workforce housing community.
The pair have invested an undisclosed amount to buy Village at the Creek, a 603-unit affordable and workforce housing community in Clarkston, Georgia.
Pamela West, managing director, global real estate, impact investing at Nuveen, said the firm’s focus on social and environmental impact was one of the major reasons they decided to partner with Comunidad.
West said Nuveen was attracted to the community due to it being located in an economically and culturally diverse neighbourhood that is poised for continued growth and also due to it being “closely tied to our focus on impact from both a social programming standpoint and long-term preservation perspective”.
Comunidad is a minority and women-owned real estate investment firm that specialises in workforce/affordable housing communities in culturally diverse neighbourhoods.
Antonio Marquez, Comunidad’s managing partner, said the acquisition represents Comunidad’s continued mission of bringing institutional capital to underserved markets with diverse populations across the sunbelt region of the US.
“This acquisition is closely aligned with our investment mission of creating culturally-relevant, inclusive communities that are tailored to the various ethnicities that live within the communities we serve and in markets that are poised for long-term economic growth.”
The latest deal represents Comunidad’s fifth acquisition in the Atlanta market bringing its total holdings in the area to more than 1,566 units.