TruAmerica Launches New Build-for-Rent Division That Includes Texas
Some call them “horizontal apartment buildings”, but one thing is for sure, Build-for-Rent (BFR) housing developments have exploded. And one of the largest multifamily developers wants in on it. TruAmerica owns over 270 traditional apartment complexes and they have hired a BFR veteran to be in charge of their new unit.
Mitch Rotta will head up the new division. Rotta left experienced BFR operator Tricor to help launch the new venture. TruAmerica’s Robert Hart explains why they took on the new division, ” The changing demographics of the US, the ongoing affordability challenges and credit qualification standards of homebuying for American’s has led to a steep decline in home ownership rates, but the desire to live in a home remains high.” He added that the Texas suburban market will be a key target.
TruAmerica will focus on communities with townhomes ranging in size from 1,200 to 1,500 square feet and single family units about 1,800 to 2,200 square feet with affordable rents.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.