LA-based Company Advances in NMHC Ranking Survey Following Nearly $500 Million in Transactions
Los Angeles, April 12, 2023 – TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm based in Los Angeles, is ranked 25th in National Multifamily Housing Council’s 2023 Top Owners Rankings. The survey lists the top 50 multifamily owners in the nation and is based on portfolio size as of January 1, 2023. The company moved up from 29th where it was ranked in 2022.
TruAmerica is continuing to invest in multifamily with a strong showing of transactions including six recent recapitalizations totaling $472.25 million in value that preserved 2,058 units in its portfolio. units to its portfolio. The transactions, which occurred in late 2022 and early 2023, were completed in the states of Colorado, Florida, Maryland and Utah, and support the company’s institutional investment thesis of uncovering and unlocking value with alternative investments.
“We are extremely excited to be recognized by NMHC in its annual survey again. Our transactional activity solidifies our national and regional growth strategy as we move forward into TruAmerica’s second decade of portfolio building,” said Robert E. Hart, founder, CEO, and president of TruAmerica. “We are confident in our ability to execute an investment thesis that is structured around uncovering risk-adjusted multifamily opportunities, and executing value-add repositioning programs to produce stabilized assets that are aligned with the strategies of institutional investors.”
TruAmerica closed 2022 with $1.49 billion in acquisitions and recapitalizations, encompassing 18 transactions involving 20 assets, and 5,300 apartment homes across 12 MSAs. In addition, the company commemorates its 10th anniversary in June 2023 as one of the most active multifamily investors in the country, having built a portfolio of roughly 60,000 units across prime locations throughout 16 states and over 30 markets.
Metrics continue to reflect positively for the multifamily sector in the first quarter overall, and March in particular. RealPage Market Analytics reported net apartment demand rebounded back into positive territory in Q1, ending a streak of three straight quarters of negative absorption. Following a demand surge experienced in 2021, the market settled back into a pre-pandemic normalcy. Q1 2023’s net absorption of 19,243 units represented a marked an improvement over 2022’s negative absorption of 114,000 units, though was still the softest Q1 since 2013. Yardi Matrix reported March asking rents for U.S. apartments experienced an average increase of $3 per month, which represented positive rent growth after four months of declines.
Said Noah Hochman, Co-Chief Investment Officer and Head of Capital Markets for TruAmerica, “Looking ahead into Q2, the overall commercial real estate market must navigate through the uncertainty of interest rates, banking and capital markets issues, elevated levels of inflation and overall economic anxiety, all of which are expected to impact the industry. The multifamily market will be challenged in the months ahead and investment strategies are wise to be anchored on sound fundamentals, including moderate leverage and conservative underwriting assumptions.”
Celebrating its 10 Year Anniversary in 2023, TruAmerica Multifamily is a national, vertically integrated, institutionally-focused multifamily investment firm based in Los Angeles. Founded as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, the firm is one of the most active value-add multifamily investors in the United States, today holding roughly $16.1 billion of assets under management. TruAmerica has regional headquarters in Arlington, VA, Seattle, WA and Dallas, TX and Miami, FL. The firm is ranked as the 25th largest multifamily owner in the United States by the National Multifamily Housing Council, having assembled a national portfolio of more than 60,000 units, totaling nearly 280 properties in 16 states and more than 30 markets. For more information, visit https://www.truamerica.com.