Arlington, VA (September 8, 2016) — TruAmerica Multifamily, which in June made its first investment east of the Rocky Mountains with the $187 million acquisition of a 1,004-unit apartment portfolio in Baltimore and Annapolis, MD, has taken the next step in its national expansion by opening an East Coast office here under the direction of Matthew R. Ferrari, announced CEO Robert E. Hart.
Since its founding in 2013, the Los Angeles-based value add multifamily investment firm has focused on the acquisition of Class A and Class B apartment communities in the Western U.S. The firm creates value for its investors by unlocking unrealized potential through thoughtful repositioning and renovation and improved operational inefficiencies. One of the most active multifamily investors in the United States, TruAmerica currently manages a portfolio of more than 29,000 units with a market capitalization of approximately $6.2 billion.
While TruAmerica will continue with its Western U.S. investment strategy, the new office gives the firm a local base to support its increasing investment activities in select East Coast growth markets. The move also allows the firm to better serve its significant institutional investor base, which includes insurance companies, pension fund advisers, global real estate investment firms and large family offices.
“Real estate is a local business and as we expand our investment platform across the United States, it was a logical and inevitable step to have boots on the ground on the East Coast,” said Hart. “Not only will we be able to better identify investment opportunities in key multifamily markets in the Mid-Atlantic, Tri-State area and the Southeast, the new office allows us to further our current relationships here and develop new ones.”
Matthew Ferrari joins TruAmerica as its Eastern U.S. Director of Acquisitions. Ferrari, who has spent his entire career in the property markets, was previously Investments Director for AvalonBay Communities, Inc., out of the real estate investment trust’s Arlington, VA-based headquarters where he oversaw acquisitions and dispositions in the Mid-Atlantic region. He started his career with Archstone shortly after receiving his MBA from Georgetown University.
Joining Ferrari in the new office is David Myers, Director of Capital Improvements, and Benjamin Miller, Director of Asset Management.
Myers, with nearly 15 years of experience in multifamily and commercial construction, was formerly a Project Manager in the Vienna, VA office of Fortune Johnson General Contractors. Over the course of his career, Myers, held similar positions for some of the most well-known firms in the industry including Camden, Trammell Crow Residential and AvalonBay.
Miller comes to TruAmerica with two decades of real estate investment and operational experience. Most recently he was with Arbor Multifamily Acquisition Company (AMAC) where he served as Senior Vice President and Head of Asset Management, supervising the operation of a 20-property multifamily portfolio in the Northeast, Mid-Atlantic, Southeast and Texas. He started his career in New York City with KPMG in the firm’s Real Estate capital Markets Consulting Group.
About TruAmerica Multifamily
TruAmerica Multifamily is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $6.3 billion portfolio of approximately 30,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah and Maryland. For more information on TruAmerica Multifamily, visit www.truamerica.com or call (424) 325-2750.