Manulife and TruAmerica Launch $1 Billion Affordable Housing Joint Venture with Major Texas Presence

Manulife Investment Management and TruAmerica Multifamily have established a $1 billion joint venture focused on affordable housing preservation across the United States. The partnership, named Anchor Point Residential, launches with the acquisition of a 51-property, 6,000-unit portfolio constructed between 2003 and 2023, located in major metropolitan areas including Los Angeles, San Diego, Austin, Houston, and Dallas-Fort Worth.

The joint venture responds to the fundamental and chronic undersupply of housing nationwide, exacerbated by rising construction costs, elevated interest rates, and widening rent burdens. Marc Feliciano, Global Head of Real Estate at Manulife IM, stated that the initiative reinforces the company's commitment to finding strategic solutions that increase access to affordable housing while gaining exposure to favorable fundamentals across the housing sector.

TruAmerica's Co-Chief Investment Officer Noah Hochman emphasized that the partnership represents a natural extension of their commitment to preserving high-quality housing that working families can afford. The collaboration leverages both firms' complementary strengths and operational expertise to create a leading platform in the affordable housing space, addressing the urgent need for housing solutions serving low- to middle-income renters facing significant affordability challenges.

The portfolio acquisition aligns with long-term federal tax credit programs that support essential housing, offering stability and opportunity for institutional capital. Jessica Harrison, Head of Transactions & Capital Markets for Manulife IM in North America, noted that the residential market's resiliency stems from housing undersupply, with this portfolio demonstrating durable cash flow supported by stable occupancy and fundamental housing shortages at this affordability level.

Wes LaBar, Managing Director of Acquisitions at TruAmerica Multifamily, highlighted that the partnership enables decisive and responsible action in a sector where execution and long-term stewardship are essential. The transaction involved significant diligence, including alignment with United States Department of Housing & Urban Development guidelines, multiple counterparties, and a comprehensive long-term stewardship model.

The joint venture represents a rare transaction in the Low-Income Housing Tax Credits sector due to its scale and complexity. The first phase closed in August, with additional phases scheduled throughout the fall, creating a scalable and mission-aligned portfolio rooted in local community needs and durable cash flow fundamentals.