TruAmerica Closes $708M Workforce Housing Fund

LOS ANGELES — TruAmerica Multifamily has raised $708 million from investors that is being used to acquire $2 billion worth of workforce housing. Approximately $320 million has already been invested via the acquisition of 14 properties in nine cities. TruAmerica Workforce Housing Fund II will be used to buy Class B communities near major central business districts in markets that demonstrate supply-demand imbalances and limited inventory of attainable rental housing, according to the company. Target markets are located in the Southeast, Northeast, West Coast, Mountain West and throughout the Sun Belt. More specifically, the closed-end, discretionary, commingled fund is used for direct equity investments in existing, stabilized multifamily communities that serve households earning between 60 to 100 percent of local area median income.