TruAmerica Multifamily closed its debut workforce housing fund with $575 million in equity commitments, surpassing its fundraising target of $400 million, announced founder and CEO Robert Hart.
While seeing strong support from existing institutional capital partners, the Los Angeles-based real estate investment firm received more than half of the equity commitments for the TruAmerica Workforce Housing Fund from new investor relationships. Investors include foreign and domestic insurance companies, public and private pension funds, global asset management firms, and family offices.
“The fund is an evolution of our successful 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,” said chief administrative officer Mark Enfield. “Our long-term view of this space is shared by a rapidly increasing number of investors, which was apparent during our fundraise.”
TruAmerica Multifamily already has purchased workforce communities through the fund, including the recently acquired 228-unit Concord Apartments in Raleigh, North Carolina, and the 305-unit Abbington Village in Columbus, Ohio’s Dublin submarket. This marks the firm’s first acquisition in Ohio.
Since its founding in 2013, TruAmerica Multifamily has grown into one of the nation’s largest multifamily owners, ranking No. 35 on the National Multifamily Housing Council’s 2021 owners list. With more than $15 billion in assets under management, the firm and its partners own and operate more than 58,000 units in 16 states. Primarily investing in Class B garden-style multifamily communities in first and second ring suburban markets, the firm creates value through renovation, repositioning strategies, and focused asset management.
“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,” Hart added.
