PRESS RELEASE | June 27, 2023

TruAmerica’s $300M Refi of Five Portfolio Properties Exemplifies Proactive Strategy in Challenging Markets

Jump in National NMHC Rankings, Prestigious Award, 10th Anniversary, Asset Recapitalizations Highlight First-Half of 2023 

Los Angeles, June 27, 2023 – TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, added to an already successful year with the refinance of five multifamily properties in four states that are held in the firm’s portfolio. The $300-million of refi’s come on the heels of an active six months for the company, including being ranked 25th in National Multifamily Housing Council’s 2023 National Survey, its CEO being recognized by the Jewish Federation of Greater Los Angeles, four recapitalizations totaling $332 million, and the firm celebrating its 10th anniversary in June.

“TruAmerica’s ability to secure capital via refinancing in this environment is a result of our strategic approach, strong track record and performance. We acquired these five properties in 2021. As a direct outcome of our team’s ability to drive value, the strong operational performance of these assets provided for an accretive refinancing opportunity despite the challenging financing markets,” said Robert E. Hart, founder, CEO, and president of Los Angeles-based TruAmerica. “We already had excellent debt in place on these five properties, but we were proactive to obtain even more attractive financing for our portfolio even in today’s environment. The refinance will result in lower spreads and material reductions in debt service payments. We also mitigated risk in the overall portfolio with even further staggering of the maturity schedules.”

The agency loans were arranged by Walker & Dunlop’s Russell Dey and Trevor Fase and include multifamily properties encompassing more than 2,100 units in Florida, Georgia, Arizona and Tennessee. The assets were acquired by TruAmerica in 2021 and include Sabal Palm at Carrollwood, a 432-unit property in Tampa, FL, Slate Apartments, a 350-unit property in Atlanta, The Urban, a 435-unit property in Phoenix, Viera Cool Springs, a 468-unit property near Nashville, and Stillwater Palms, 425-unit property in the Tampa/St. Petersburg market.

“In this current lending climate, securing capital amidst volatility and uncertainty requires close relationships with capital sources and the expertise to navigate complex portfolio financings,” said Dey of Walker & Dunlop. “It is a prudent move to adopt a hold strategy, given the market conditions for lending. We expect to see more owners follow TruAmerica’s lead to secure more term via medium term bridge debt and execute refinancing strategies.”

The refinances allow TruAmerica to extend maturity dates on 45% of its existing floating-rate debt for these assets, which reduces balloon risk in a downside scenario, and provides for added flexibility for future exit and/or refinance opportunities. According to the Mortgage Bankers Association, roughly $1 trillion of multifamily debt is set to expire through 2027.

TruAmerica is continuing to invest in multifamily with a strong showing of transactions including four recapitalizations in early 2023 totaling $332 million in value that preserved 1,500 units to its portfolio. The transactions were completed in Colorado, Florida and Utah, and support the company’s institutional investment thesis of uncovering and unlocking value with alternative investments.

TruAmerica commemorated 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.

The National Multifamily Housing Council’s 2023 National Survey listed the top 50 multifamily owners in the nation, based on portfolio size as of January 1, 2023. TruAmerica jumped to a No. 25 ranking from a No. 28 ranking in 2022. In early June, The Jewish Federation of Greater Los Angeles honored Hart, and his philanthropic legacy, at the Real Estate & Construction (REC) Network Dinner at The Beverly Hilton in Beverly Hills. More information can be found here.


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.

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TruAmerica Multifamily is a Los Angeles-based investment firm focused on acquiring, renovating, and managing multifamily housing throughout the United States.
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