Manulife Investment Management has joined forces with TruAmerica Multifamily to create a new $1 billion affordable housing partnership. The venture, called Anchor Point Residential, starts with the acquisition of general partner interests in a portfolio of 51 properties that offer income-restricted apartments supported by Low-Income Housing Tax Credits.
Across the United States, there is a growing gap between the number of homes people need and the homes available at prices they can afford. Construction costs keep climbing, interest rates are high, and rent takes up a larger share of family budgets. This partnership aims to help fill that gap by keeping more apartments affordable for working households.
Anchor Point Residential’s initial portfolio includes about 6,000 apartment units built between 2003 and 2023. These properties span major metropolitan areas in California, Texas, and Washington, encompassing cities such as Los Angeles, San Diego, Orange County, Sacramento, Austin, Houston, and the Dallas-Fort Worth area. By focusing on income-restricted communities in high-demand regions, the joint venture seeks to support stable housing for thousands of residents.
Both firms bring deep expertise to this effort. Manulife Investment Management offers global resources in real estate investing and a track record of creating long-term value for investors. TruAmerica Multifamily contributes hands-on experience managing and improving apartment communities, especially those designed for workforce and affordable housing. Together, they plan to maintain high property standards while preserving affordability.
Investors are increasingly drawn to housing that serves low- and middle-income renters because it provides reliable income backed by federal tax credit programs. The Anchor Point Residential platform is structured to deliver steady cash flow and strong occupancy rates, which can withstand broader market fluctuations. It also follows rigorous guidelines from the U.S. Department of Housing and Urban Development and involves complex financial and legal arrangements to ensure long-term viability.
This first phase of the transaction closed in August, and additional acquisitions will roll out through the fall. Future acquisitions are expected to build on this foundation, expanding Anchor Point Residential into new markets and adding more properties that meet the needs of families facing housing cost pressures.
Manulife Wealth & Asset Management is part of Manulife Financial Corporation and serves 19 million clients through investment, advice, and retirement services. The firm focuses on helping people save and invest with confidence, combining risk management expertise with market insights.
TruAmerica Multifamily, founded in 2013 and based in Los Angeles, manages over $16 billion in multifamily assets across 16 states. And the firm invests in value-add renovations, affordable housing, residential development, and structured finance. With regional offices from Seattle to Miami, TruAmerica oversees more than 300 properties and 60,000 apartment units, consistently ranking among the top multifamily owners in the country.
KEY QUOTES:
“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. 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.”
Marc Feliciano, Global Head of Real Estate, Manulife IM
“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. 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.”
Noah Hochman, Co-Chief Investment Officer & Head of Capital Markets at TruAmerica Multifamily
“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.”
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. 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.”
Wes LaBar, Managing Director of Acquisitions of TruAmerica Multifamily
