ESG has become ingrained in the institutional investment process. During a conversation on institutional investment trends at the GlobeSt.com Multifamily conference earlier this year, Cameron Jones, managing director of US Housing Strategic Transactions at Nuveen, and Angela M. Kralovec,  VP of reinvestment and redevelopment at Essex Property Trust, both said that they consult ESG teams as part of the standard vetting process on potential acquisitions.

Jones says that Nuveen's in-house ESG team is part of the investment process, flagging big picture environmental and social items. In 2020, the firm released a responsible investing survey, noting that environmental performance is taking a front seat, but amid social unrest, the firm is also looking at ways to make a difference through its investment.

Now, the firm is in the process of raising capital for a social impact fund, which will include investment in the full spectrum of affordable housing, including LIHTC and naturally occurring affordable housing product. Jones said that the platform is not only focused on the real estate investment and return, but it is also providing essential tenant services that will make a difference.