TruAmerica Workforce Housing Fund Closes with $575M in Equity Commitments

Privately held real estate investment firm TruAmerica Multifamily held a final closing on its first discretionary fund, the TruAmerica Workforce Housing Fund, with $575 million in equity commitments. This surpasses its fundraising target of $400 million, according to 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. Fund investors include foreign and domestic insurance companies, public and private pension funds, global asset management firms and family offices, according to Mark Enfield, chief administrative officer.

“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.