2025 was a year of smart growth for TruAmerica Multifamily, a Los Angeles-based vertically integrated multifamily investment firm, says president and CEO Bob Hart.
“We were very selective in evaluating markets based on fundamentals, including job growth, population growth, supply dynamics, and where we could operate most effectively,” he says.
TruAmerica also spent last year putting its new verticals into place to become a more full-scale residential company. This included its entry into the affordable housing space, with a $1 billion portfolio acquisition in partnership with Manulife Investment Management, and its pivot to vertical development, focusing on infill opportunities and a twist between market-rate and affordable on the build-to-rent side.
“I think the affordable space is going to continue to expand with the low-income housing tax credit, development incentives, and so forth over the next 10 years to continue to meet the needs of America’s growing population,” he says. “It’s a good barbell for what we do in market-rate housing.”
In 2025, the firm completed $2.5 billion in combined transaction volume across acquisitions, dispositions, refinancing, and recapitalizations. It ended the year with the acquisition of The Sto, a 179-unit apartment community in the Greater Boston area, marking another milestone in its active investment program, which includes 40 market-rate and affordable housing acquisitions encompassing nearly 6,000 units.
The Sto acquisition is another example of the firm’s commitment to delivering attainable rental housing in supply-constrained markets.
According to Hart, operations also were a big factor for the firm in 2025 and will continue to be in the coming year.
“We counterbalanced our transaction activity with a continued focus on property operations, maturing the way we do business,” he notes. “We look for efficiencies and economies of scale to keep costs down because this is an environment where cash flows are more constrained with higher interest rates.”
Looking at 2026 for the overall multifamily sector, Hart says there will be a continual digestion of too much variable-rate debt in prior years.
“We’re going to see properties come on the market that were held back in 2023 to 2025. I think we’re going to see some good buying opportunities and some distress from sellers where time is up,” he says. “There’s also a lot of pent-up demand to put out equity.”
According to the Hart, TruAmerica will continue to mature its platform and look for the right opportunities in the right markets.
“We’re continuing to double down on what we do well: workforce housing in America, some affordable, and some market-rate. We rinse and repeat,” he adds.