Manulife Investment Management (Manulife IM) and TruAmerica Multifamily have formed a $1-billion affordable housing joint venture. The new platform is named Anchor Point Residential and represents a significant expansion of both firms’ affordable housing platforms. It is anchored by the acquisition of general partner interests in a geographically diverse portfolio of high-quality, income-restricted assets backed by Low-Income Housing Tax Credits.
Anchor Point Residential 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, Austin, Houston and Dallas-Fort Worth.
“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-CIO & head of capital markets at TruAmerica Multifamily.
The first tranche of the transaction closed in August, with additional phases to follow throughout the fall.
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