Vanilla Buttercream Frosting with Cream Cheese

½ cup (1 stick, 8 tablespoons) butter, softened to room temperature
3 ounces cream cheese, softened to room temperature
16 ounces powdered sugar (about 3 ½ cups)
¼ cup heavy cream
1 teaspoon pure vanilla extract

In a large bowl using a handheld mixer or the bowl of an electric stand mixer, beat the softened butter and cream cheese together until it is light and creamy, about 2 minutes. Mix in the vanilla. Add the powdered sugar gradually and mix in fully after each addition. Cream at low speed until well blended and creamy. Pour in the heavy cream and whip until the frosting is light and fluffy.