In May 2023, Nuveen added 12,000 apartments concentrated in New York City in a massive deal with New York-based Omni Holding Co. However, the Chicago-based owner is still adding more units.

In May 2024, Nuveen purchased the 282-unit The Barrington apartment property in the St. Paul, Minnesota, suburb of Woodbury for $48.6 million from Bethesda, Maryland-based owner Capreit. The property, which sits along the Interstate 494 corridor, was built in 1998.

“Nuveen has been very active on the multifamily side,” said CBRE Executive Vice President Abe Appert, who brokered the deal. “This is through their CASA series of funds, which is value-add in nature.”

The Barrington offers stainless-steel appliances, balconies, two swimming pools, a renovated clubhouse, pet-friendly accommodations and underground heated parking, according to the property website. It includes one- and two-bedroom units ranging from 755 to 1,265 square feet, according to Apartments.com.

Future plans

Nuveen plans a light renovation at the property, according to Appert. “I would call it a tier-two renovation scope — in the units and redoing some lobby areas, common areas, the clubhouse, exterior pools and repositioning some of the amenities,” he said. “But it's not a heavy value-add.”

Woodbury’s demographics, retail, school system, access to major highways and proximity to 3M’s corporate headquarters make the submarket attractive, according to Appert.

“It has been the fastest-growing suburb in the Twin Cities for the last 20 years,” Appert said. “It has nearly tripled in population during that time frame.”

Appert also brokered Capreit’s purchase of The Barrington. After buying the asset, the company recapitalized it with a new equity partner: New York City-based Fundamental Advisors.

“Fundamental is in the midst of selling off a fair amount of their multifamily holdings, and this is just part of that,” Appert said.

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