TruAmerica Multifamily, a national vertically integrated multifamily investment firm, and Manulife Investment Management, a company of Manulife Wealth & Asset Management, have formed a $1 billion joint venture focused on affordable housing. The partnership marks significant expansion for both firms’ affordable housing platforms, anchored by the acquisition of general partner interests in a diverse portfolio of income-restricted assets backed by low-income housing tax credits (LIHTCs).
While the firms did not release the name of the seller, a public document shows they were working on a recent transaction with California-based AMCAL for an affordable housing property for seniors in Rancho Palos Verdes.
The new platform, Anchor Point Residential, launches with the acquisition of a 51-property, 6,000-unit portfolio built between 2003 and 2023. The properties are in major metro areas in California, Texas, and Washington, including Los Angeles, San Diego, Orange County, Sacramento, Bakersfield, Palmdale, Austin, Houston, and Dallas-Fort Worth. The first tranche of this transaction closed in August, with additional phases to follow throughout the fall.
“This acquisition in partnership with trusted and mission-aligned Manulife IM represents a natural extension of our commitment to preserving high-quality housing that working families can afford,” said Noah Hochman, co-chief investment officer and head of capital markets at TruAmerica Multifamily. “We’re strategically partnering with Manulife IM because we believe our collaborative efforts, complementary strengths, and operational expertise will result in a leading platform in the affordable housing space.”
According to the firms, the joint venture aligns with the increasing need for housing solutions that serve low- and middle-income renter, a demographic facing the greatest affordability strain. With investors actively seeking resilient, income-generating residential sectors, essential housing—supported by the LIHTC program—offers both stability and opportunity for institutional capital.
“The residential market has proven resiliency largely stemming from undersupply of housing. This portfolio, and the broader strategy, demonstrates durable cash flow supported by stable occupancy and a fundamental shortage of housing meeting this level of affordability. This transaction was highly structured, with the goal of preserving long-term viability and the potential for strong performance. In this environment, sourcing and structuring complex solutions provides a competitive edge in positioning portfolios,” said Jessica Harrison, head of transactions and capital markets, North America, for Manulife IM.
TruAmerica announced in mid-January that its affordable housing vertical would begin to take shape this year with a significant acquisition of a LIHTC portfolio. As part of that move, the firm tapped Ben Finley as its managing director of affordable housing. With over 25 years of experience in multifamily real estate, Finley previously served as managing director at April Housing, where he led capital transactions for Blackstone’s affordable housing portfolio. Prior to that, he had leadership roles at Avanath Capital Management and Richman Community Capital.
