LOS ANGELES – Feb. 2, 2022 – PRLog — TruAmerica Multifamily has launched a Build-For-Rent (“BFR”) development division to build townhome and single-family rental communities in suburban submarkets that are synergistic with its existing vertically integrated multifamily platform, announced CEO and founder Robert Hart.  Veteran BFR executive Mitch Rotta has joined the firm as Senior Managing Director to lead the new initiative.

The initial roll-out of TruAmerica’s in-house BFR platform will be in high growth Southwest, Southeast and Texas suburban markets, which represents approximately 60% of the firm’s $16.1 billion multifamily portfolio.

“The changing demographics of the U.S., the ongoing affordability-challenges and credit qualification standards of homebuying for Americans has led to a steep decline in home ownership rates, but the desire to live in a home remains high,” says Hart.   “BFR is a natural extension of our workforce housing platform because it complements the same demographics that make up our Class B multifamily strategy.  It provides yet another housing option for working-class Americans who can’t afford to own a home or would just prefer to rent.”

Rotta has been involved in the burgeoning BFR space for the majority of his career, most recently with Tricor Homes, a leading build-for-rent construction operator and builder.  As Director of New Construction and Executive Vice President of Acquisitions he oversaw the entire lifecycle of the firm’s build-for-rent program from land acquisition through vertical construction.    Previously, Rotta acted as a consultant to a wide variety of BFR investors and operators assisting them with site planning, design, budgeting, scheduling, equity and debt, and financial modeling.

Rotta will tap his extensive relationships within the build-for-rent industry to assemble TruAmerica’s in-house BFR development team which will include experienced professionals in land acquisition, entitlement and construction.

“We are actively engaged in acquiring entitled land and anticipate closing on several land parcels in North Carolina, Texas and Florida with the intent on starting construction on our first communities by the end of the year,” said Rotta.

TruAmerica will focus on communities with townhomes ranging in size from 1,200 to 1,500 square feet and single-family homes between 1,800 to 2,200 square feet with rents affordable to working class American families.

“As we grow our investor fund business, our BFR platform will be yet another avenue for our existing LPs to invest in the TruAmerica brand,” added Noah Hochman, Co-Chief Investment Officer and Head of Capital Markets.

About TruAmerica Multifamily

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country’s most active multifamily investors and manages a portfolio of approximately 59,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Ohio, Tennessee, Texas, Utah and Washington. For more information on TruAmerica Multifamily, visit http://www.truamerica.com

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Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com

LOS ANGELES – Nov. 17, 2021 – PRLog — TruAmerica Multifamily has made its first investments in Houston with the acquisition of a two-property multifamily portfolio totaling 652 units.

The portfolio includes the 364-unit Camden Oak Crest and 288-unit Camden Park, both developed by the seller, a Houston-based Real Estate Investment Trust. The properties are located approximately 1.5 miles from each other, near the center of the popular Westchase Business District in Western Houston.   Both garden-style communities feature a mix of one-, two- and three-bedroom apartment homes offering resort-style amenities including swimming pool, fitness center and picnic areas with outdoor grills.

“The Portfolio represents an excellent opportunity to acquire well-maintained and institutionally owned product, in a prime location with value-add opportunity,” said Ammanuel Metta, senior director of acquisitions and head of the firm’s Dallas office.   “These properties benefit from strong surrounding demographics, and proximity to more than 1,500 businesses within the Westchase Business District including major employers as Emerson, Cameron, Chevron, Jacobs Engineering and BMC Software.

The communities, which will be rebranded as Oak Crest and Wood Park, represent TruAmerica’s first investments in Houston.  Since establishing a Central U.S. headquarters office in Dallas in 2020 under Metta’s direction, TruAmerica has built a multifamily portfolio in the state that includes seven communities totaling 2,200 apartment homes.  The assets are located in Dallas, San Antonio, Austin and Houston.

Houston, the largest city in Texas by population and area, has fared well in the last few years despite the pandemic. Since the reopening of the economy, large construction plans such as a highspeed railway between Dallas and Houston will spur further job growth resulting in greater demand for quality and affordable multifamily units in the region.

“Houston’s economy is becoming more diverse with each passing year,” added Metta.   “More companies are moving to Texas because of its favorable tax and regulatory environment.  Houston’s low cost of living, compared to other tier-one markets in the state, establishes the metro as a prominent relocation destination for well-educated people looking to live in a city with an exceptional quality of life.”

Financing was arranged by Ryan Greer, senior vice president in CBRE’s Capital Markets Debt and Structured Finance group in the firm’s West Los Angeles office.

David Mitchell, vice chairman with Newmark Knight Frank in the firm’s Houston office represented both parties in the transaction.

About TruAmerica Multifamily

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country’s most active multifamily investors and manages a portfolio of approximately 54,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Tennessee, Texas, Utah and Washington. For more information on TruAmerica Multifamily, visit http://www.truamerica.com.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com

LOS ANGELES – Oct. 4, 2021 – PRLog — TruAmerica Multifamily has grown its Texas portfolio to nearly 1,500 apartments in less than nine months with its first acquisition in San Antonio, the 270-unit The Estates at Canyon Ridge for $46.7 million.

The Estates at Canyon Ridge is TruAmerica’s third investment in Texas in the last two months and its fifth since entering the state in December 2020.  Since establishing a regional headquarters in Dallas under the direction of Senior Director of Acquisitions Ammanuel Metta, TruAmerica has rapidly built its regional portfolio with assets located in Dallas, Austin and now San Antonio.

The Estates at Canyon Ridge is emblematic of TruAmerica’s value add investment platform.  All the one-, two- and three-bedroom townhomes remain in the same classic condition since the property was built in 2007.  This creates an opportunity to upgrade unit interiors and position the property as a quality yet more affordable alternative to newer and more expensive rental options in the submarket, according to Metta.

“We are cognizant of the ever-changing demands in the multifamily space and we focus on providing product that meets residents’ needs,” said Metta.  “This property offers everything renters could want in an apartment community in a Post-Covid world with large units that average nearly 1,200 square feet with nine-foot ceilings, direct access private garages, ample outdoor space and resort-style amenities,” he said.   “It also attracts strong demand from families with children who want to be in the popular A-rated Northeast San Antonio Independent School District but are priced out of owning a home in the area, which boasts a median value of more than $334,000.”

The Estates at Canyon Ridge is located at 20614 Stone Oak Parkway within San Antonio’s master planned Stone Oak neighborhood.  The Property is positioned adjacent to Highway 281

along Stone Oak Parkway, allowing for quick access to area employment hubs. Residents at The Estates should also benefit from the transformative 281 North Expansion Project, a $350 million TxDOT highway upgrade, which will convert the existing roadway to a non-tolled six lane freeway. Estates at Canyon Ridge also near approximately two million square feet of shopping and dining options including the Target-anchored Village at Stone Oak, Northwood Shopping Center, Stone Ridge Market and Huebner Oak Lifestyle Mall.

The property was marketed for sale by the Walker and Dunlop’s Houston-based investment sales team led by Managing Director Ryan Epstein, Matt Pohl and Forrest Bass.  Acquisition financing was arranged by Walker and Dunlop’s Russell Dey, Trevor Fase and Justin Nelson.

About TruAmerica Multifamily

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country’s most active multifamily investors and manages a portfolio of approximately 54,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Tennessee, Texas, Utah and Washington. For more information on TruAmerica Multifamily, visit http://www.truamerica.com.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com