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Manulife Investment Management and TruAmerica are teaming up on a $1 billion venture and are acquiring 51 properties.
Edited by Brad Randall, Broadband Communities
Manulife Investment Management and Los Angeles–based TruAmerica Multifamily announced last week they have formed a $1 billion joint venture, Anchor Point Residential, to acquire and operate income-restricted affordable housing across major U.S. metros.
The partnership’s first move is the acquisition of GP interests in a portfolio of 51 properties comprising about 6,000 units built between 2003 and 2023, this month’s release explained.
The assets are concentrated in California, Texas and Washington, including Los Angeles, San Diego, Orange County, Sacramento, Bakersfield, Palmdale, Austin, Houston and the Dallas–Fort Worth area, the companies said.
The firms said the first tranche closed in August, with additional phases expected this fall.
The properties are backed by Low-Income Housing Tax Credits (LIHTC), a federal program that incentivizes private investment in affordable housing. Manulife IM and TruAmerica described the deal as a “programmatic” expansion of their affordable housing platforms and said it aims to preserve income-restricted units amid a nationwide shortage of affordable rental housing.
The firms framed Anchor Point Residential as a long-term stewardship play that will emphasize preserving affordability and operational management of the assets.
TruAmerica, a frequent buyer and operator of workforce housing, will provide property-level management and acquisitions expertise. Manulife IM, the asset manager unit of Manulife Financial Corporation, brings institutional capital and portfolio-management experience.
AI tools from Noah Wire Services were used to help generate this report.
