TruAmerica Multifamily

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TruAmerica Multifamily is a Los Angeles-based multinational investment company specializing in the acquisition and renovation of class B apartment properties throughout the United States. Since its founding in 2013 by real estate investor Robert E. Hart, the company has acquired and/or managed portfolio assets of approximately 33,000 apartments units valued at approximately $ 7 billion.

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History

TruAmerica was formed in 2013 by a partnership between Hart and The Guardian Life Insurance Company of America. Hart owns 20 percent of the company and the Guardian has the remaining 80 percent. Hart founded the company after leaving Kennedy Wilson, a global real estate company where he served for 13 years as President and CEO of his multinational management group. Since its establishment, TruAmerica has largely focused on older middle-class garden or B grade park or "Class B" investments and central apartment communities to attract the segment of the population rented out of necessity. The property is located in the first or second ring submark outside the main metro area and employment center.

In 2015, TruAmerica partnered with the Guardian and Allstate to buy 14 portfolios of property apartments in Southern California for $ 482 million. While mid-level apartments remain the main focus, TruAmerica also invests in luxury properties. In 2014, TruAmerica teamed up with Capri Capital Partners to acquire The Vermont, a luxury apartment community in Koreatown in Los Angeles for $ 283 million. In 2016, he bought Millennium Woodland Hills, a luxury apartment community in Los Angeles, for $ 163 million.

In the first years of its existence, TruAmerica focused on investing in major metro areas throughout the western US, including Northern and Southern California, Salt Lake City, Las Vegas, San Diego, Phoenix, Denver, Portland and Seattle. In June 2016, the company made its first investment in East of the Rocky Mountains with $ 187 million acquisition of 1,004 apartment units in Baltimore and Annapolis. It opened the East Coast office in Arlington, Virginia in September 2016 to support its increased investment activities in selected East Coast markets. Shortly after, he partnered with Ares Management to buy 1,402 portfolio units in the Baltimore area.

In 2017, he made a series of investments in Florida property. In June 2017, TruAmerica partnered with InvestCorp to purchase two apartment complexes totaling 708 units in Orlando, Florida for $ 98 million. In September, he partnered with MSD Capital, an investment company founded by Michael Dell, founder of Dell Technologies, to buy a 66 million dollar apartment complex in Fort Myers, Florida. In October, he partnered with an unknown investor to buy a 300-unit apartment complex in Orlando for $ 47.7 million. In 2017, TruAmerica was named the owner of the 43rd largest apartment in the United States by the National Multifamily Housing Association. By the end of 2017, 15 percent of the company's portfolio is located in Maryland and Florida and hinted at plans to invest heavily in other southern and Atlantic states. Blackstone Real Estate Income Trust became the 16th institutional capital partner for the joint venture with TruAmerica when they acquired a 635 unit asset portfolio in Denver and Seattle in January 2018.