News From TruAmerica Multifamily
Privately held real estate investment firm TruAmerica Multifamily has successfully held a final closing on its first discretionary fund, the TruAmerica Workforce Housing Fund (“Fund”), with $575 million in equity commitments, surpassing its fundraising target of $400 million, announced founder and CEO Robert Hart.
The Los Angeles-based real estate investment firm has grown to become one of the largest multifamily landlords in the United States. With more than $15 billion in assets under management, the firm and its partners own and operate more than 58,000 units across 16 states and placed 35th on the National Multifamily Housing Councils Top Owners list in early 2021. TruAmerica invests primarily in Class B garden-style communities in first and second ring suburban markets and creates value through tailored renovation, repositioning strategies and focused asset management.
TruAmerica received strong support from its existing institutional capital partners but received more than half of the Fund’s equity commitments from new investor relationships. Investors in the Fund include foreign and domestic insurance companies, public and private pension funds, global asset management firms and family offices, according to Chief Administrative Officer Mark Enfield.
“The Fund is an evolution of our successful institutional joint venture platform which has helped us to become a leader in the multifamily investment sector in a relatively short period of time. The workforce housing sector has continued to perform well over the past decade and demonstrated its durability even during the worst part of the pandemic. Our long-term view of this space is shared by a rapidly increasing number of investors which was apparent during our fundraise,” said Enfield.
“Our value-add business model, vertically integrated in-house acquisitions, construction management and asset management teams, and strong reputation in the industry certainly played key roles in our successful fundraising efforts,” added Hart.
