TruAmerica Launches $708M Workforce Housing Fund
By Andrew Coen February 23, 2026 1:06 pm
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Investment manager TruAmerica Multifamily has closed a $708 million workforce housing fund aimed at boosting the nation’s stock of affordable rental apartments that don’t use government subsidies, Commercial Observer can first report.
The Los Angeles-based firm’s Workforce Housing Fund II will target Class B multifamily communities in large metropolitan regions across the U.S. near major central business districts. The closed-end commingled fund will focus on existing, stabilized multifamily assets serving households earning roughly 60 to 100 percent of an area’s median income.
“This is small A ‘affordable’ as we are not depending on governments and financing from governments to obtain the housing,” Bob Hart, founder and CEO of TruAmerica, told CO. “We’re doing it strictly with institutional, private and public equity.”
Hart noted that 35 percent of the fund was raised by international investors, underscoring the global appetite for TruAmerica’s multifamily strategy at a time of declining new supply in a number of markets. The fund’s commitment included an array of institutional investors, including insurance companies, pension funds, asset managers and family offices.
The fund has deployed roughly $320 million to date with the acquisition of 14 multifamily properties encompassing 3,334 units, with an especially heavy presence in the Boston area. Hart said he is looking for mainly garden-style apartment properties with values of at least $40 million in high-growth markets like Tampa, Salt Lake City and the Seattle metropolitan area.
TruAmerica will be deploying capital from the fund over the next two years. Hart said the firm’s record since its 2013 founding of acquiring multifamily assets for value-add and affordable housing strategies positions the fund for a successful execution.
“We’re acquiring existing Class B housing or housing that was newer 15 or 20 years ago, and putting a new sheen on it, or maybe something that is a little bit older than that and do a major rehabilitation,” Hart said. “We’ve really got this figured out in terms of being able to renovate at a fair price that allows us to charge a fair rent for the investor. We understand what the needs are here, and we understand how to price the real estate for the consumer.”
Andrew Coen can be reached at acoen@commercialobserver.com.
