LOS ANGELES, CA – Privately-held real estate investment firm TruAmerica Multifamily has closed its first discretionary fund, the TruAmerica Workforce Housing Fund, with $575 million in equity commitments, which surpasses its fundraising target of $400 million.
The company received more than half of the fund’s equity commitments from new investors, and received additional support from its existing institutional capital partners. The fund’s investors include foreign and domestic insurance companies, public and private pension funds, global asset management firms and family offices.
TruAmerica Multifamily continues to seek value-add opportunities and primarily invests in class B, garden-style communities within suburban markets.
“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,” says TruAmerica Multifamily chief administration officer Mark Enfield. “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.”
“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,” says Robert Hart, founder and CEO of TruAmerica Multifamily.
With more than $15 billion in assets under management, including more than 58,000 units across 16 states, TruAmerica Multifamily has grown to become one of the largest multifamily landlords in the U.S.