Manulife Investment Management and TruAmerica Launch $1 Billion Affordable Housing Joint Venture with Initial Acquisition of 51 Properties

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Sep 09, 2025, 09:23 ET

BOSTON, Sept. 9, 2025 /PRNewswire/ - Manulife Investment Management (Manulife IM), a company of Manulife Wealth & Asset Management, and TruAmerica Multifamily, a national, vertically integrated multifamily investment firm, today announced the formation of a $1 billion Affordable Housing joint venture. The programmatic partnership represents a significant expansion of both firms' Affordable Housing platforms, anchored by the acquisition of General Partner (GP) interests in a geographically diverse portfolio of high-quality, income-restricted assets backed by Low-Income Housing Tax Credits.

With a fundamental and chronic undersupply of housing across the U.S.—compounded by rising construction costs, elevated interest rates, and widening rent burdens—demand for Affordable Housing now far outpaces available inventory. The joint venture responds to this structural challenge by preserving access to income-restricted housing and with the size, scale and the experience of both firms help to solve a fundamental shortage of affordable housing across the U.S.

The new platform is named Anchor Point Residential and will debut with the acquisition of a 51-property, 6,000-unit portfolio constructed between 2003 and 2023. The properties are located across major metro areas in California, Texas, and Washington, including Los Angeles, San Diego, Orange County, Sacramento, Bakersfield, Palmdale, Austin, Houston, and Dallas-Fort Worth.

"Today's news reinforces Manulife IM's commitment to find strategic solutions to increase access to affordable housing and gain exposure to favorable fundamentals across the housing sector," said Marc Feliciano, Global Head of Real Estate, Manulife IM. "Together with TruAmerica, a leading owner and operator in workforce housing, we are focused on the preservation of Affordable Housing to ensure these essential communities remain accessible for thousands of residents across the country."

"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 & 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."

The joint venture aligns with an increasingly urgent need for housing solutions that serve the low- to middle-income renter, a demographic facing the greatest affordability strain. With investors actively seeking resilient, income-generating residential sectors, essential housing—supported by long-term federal tax credit programs—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 & Capital Markets, North America for Manulife IM.

"This portfolio underscores our commitment to building a scalable Affordable Housing platform rooted in quality communities and strong locations," said Wes LaBar, Managing Director of Acquisitions of TruAmerica Multifamily. "Our partnership with Manulife IM gives us the ability to act decisively and responsibly in a sector where execution and long-term stewardship are essential."

This deal is particularly notable in the Low-Income Housing Tax Credits sector, where transactions of this scale and complexity remain rare. The transaction reflects significant diligence, including alignment with the United States Department of Housing & Urban Development guidelines, a tremendous number of counterparties, and a long-term stewardship model.

The joint venture reflects a deliberate strategy to invest in communities where housing is most urgently needed and most likely to deliver long-term value. With demand increasingly concentrated in essential rental segments, the platform aims to create a scalable and mission-aligned portfolio rooted in local need and durable cash flow.

The first tranche of this transaction closed in August, with additional phases to follow throughout the fall.

About Manulife Wealth & Asset Management

As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide. Our mission is to make decisions easier and lives better by empowering people today to invest for a better tomorrow. As a committed partner to our clients and as a responsible steward of investor capital, we offer a heritage of risk management, deep expertise across public and private markets, and comprehensive retirement plan services. We seek to provide better investment and impact outcomes and to help people confidently save and invest for a more secure financial future. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

About TruAmerica Multifamily
TruAmerica Multifamily is a national, vertically integrated, institutionally focused multifamily investment firm based in Los Angeles. Founded in 2013, the firm is one of the most active value-add multifamily investors in the United States, with $16 billion of assets under management. Active across the capital stack, TruAmerica's investment strategies include Value-Add, Affordable Housing, Residential Development, and Structured Finance. TruAmerica has regional headquarters in Seattle, Salt Lake City, Dallas, Chicago, Miami, and Washington D.C. The firm is consistently ranked a top multifamily owner in the United States by the National Multifamily Housing Council, with a portfolio of over 60,000 apartment units, totaling nearly 300 properties in 16 states and more than 30 markets.