LOS ANGELES — Manulife Investment Management and TruAmerica Multifamily have forged a $1 billion, affordable housing-focused joint venture known as Anchor Point Residential. The partners’ debut investment is the acquisition of a 51-property, 6,000-unit LIHTC portfolio constructed between 2003 and 2023. The properties are located across major metro areas in California, Texas and Washington. The first portion of the investment closed in August with remaining deals to be completed through the fall. Sellers were not disclosed.
According to a press release, the size of this acquisition, a rarity in LIHTC portfolio investments, demonstrates institutional interest driven by sustained demand in rental housing for lower- and middle-income Americans. “The residential market has proven resiliency largely stemming from undersupply of housing,” said Manulife Investment Management’s Jessica Harrison, head of North American transactions and capital markets.
“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.”
Manulife’s global headquarters is in Toronto. Manulife Investment Management was launched in 2019 to combine three separate divisions, institutional, retail and retirement wealth, into one brand. It is a division of Manulife Financial Corp. that operates primarily as John Hancock in the United States and Manulife elsewhere. Manulife acquired John Hancock in 2004. TruAmerica is a multifamily investment firm based in Los Angeles. Founded in 2013, its assets under management are valued at $16 billion.