TruAmerica Multifamily closes first discretionary fund at $575m

Los Angeles–based TruAmerica Multifamily has successfully closed its first discretionary fund, the TruAmerica Workforce Housing Fund, with $575 million in equity commitments.

The fund surpassed its fundraising target of $400 million, with backing from both existing institutional capital partners and new investor relationships. The investor base included foreign and domestic insurance companies, public and private pension funds, global asset management firms, and family offices.

Founder and CEO Robert Hart said the firm’s value-add business model, vertically integrated in-house acquisitions, construction management and asset management teams, and strong reputation in the industry played key roles in TruAmerica’s successful fundraising efforts.

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.