Dive Brief:
- Tuesday, Manulife Investment Management and multifamily investment firm TruAmerica Multifamily announced the formation of a $1 billion affordable housing joint venture that will be named Anchor Point Residential.
- The new platform aims to acquire general partner interests in a geographically diverse portfolio of high-quality, income-restricted assets backed by Low-Income Housing Tax Credits, according to a news release.
- To launch the new venture, Toronto-based Manulife IM, a part of Manulife Wealth & Asset Management, and Los Angeles-based TruAmerica are buying a 6,000-unit portfolio of 51 properties constructed between 2003 and 2023 and located across major metro areas in California, Texas and Washington. The first tranche of this transaction closed in August, and additional phases will follow this fall.
Dive Insight:
As Manulife IM and TruAmerica launch Anchor Point Residential, they recognize the critical need to preserve income-restricted housing across the U.S.
"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," said Marc Feliciano, global head of real estate at Manulife IM, in the news release.
Manulife IM's involvement in Anchor Point Residential shows that institutional firms seeking resilient, income-producing investments can be attracted to the stable, durable returns in the income-restricted affordable housing sector.
“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," said Jessica Harrison, head of transactions and capital markets in North America for Manulife IM, in the release
In the news release, TruAmerica Co-Chief Investment Officer and Head of Capital Markets Noah Hochman pointed to complementary strengths and operational expertise between his company and Manulife IM.
"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, said in the release.
While the market-rate transaction environment has been volatile over the past few years, investors have made large affordable housing deals.
In December 2025, New York City-headquartered affordable housing preservation company Hudson Valley Property Group acquired a 22-property portfolio comprising 4,768 units across the western United States from Spokane, Washington-based Inland Group.
In November 2024, New York City- and Los Angeles-based Standard Communities acquired a 100% affordable housing portfolio of over 6,000 apartment homes in more than 60 communities in four states. With the purchase of the portfolio, valued at over $1 billion, Standard entered Arizona, Colorado and Texas and grew its California portfolio to nearly 11,000 apartments.
In May 2023, Chicago-based Nuveen acquired a portfolio of more than 12,000 units concentrated in New York City from New York-based Omni Holding Co. The portfolio included several large apartment properties in the Bronx, Brooklyn and Queens, as well as buildings in Maryland, Massachusetts, Texas and other states.
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