Nuveen, the asset management arm of Teachers Insurance and Annuity Association of America, is acquiring a more than 12,000-unit affordable housing portfolio in one of the largest multifamily housing deals this year.
The properties are largely concentrated in the New York City area, including several large apartment buildings in the Bronx, Brooklyn and Queens. Other buildings are located in Maryland, Massachusetts, Texas and other states, Nuveen said on Tuesday. The portfolio includes developable land and existing buildings in need of rehabilitation that could eventually produce an additional 8,000 low-income apartments, Nuveen said.
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