After a key executive departure and a set of promotions a month ago, TruAmerica Multifamily has announced four more executive promotions to support the growth of the firm’s value-add platform, investment management and its complementary business lines, according to a press release shared with Multifamily Dive.
The Los Angeles-based firm promoted Stella Pappas to executive managing director, investment management, responsible for all aspects of the firm’s fund management, global fundraising and investor relations functions. Pappas, who has over 20 years of investment experience, has institutionalized the firm’s investor relations, marketing, due diligence and client engagement programs globally since joining in 2022.
Christopher Wei has been promoted to senior managing director, portfolio management, overseeing national disposition, recapitalization and refinancing initiatives. Wei, who has been at TruAmerica since 2013, has led more than $7.1 billion in dispositions and $2 billion in refinancings.
The firm promoted Austen Mount to managing director, operations, where he leads strategic asset oversight and performance optimization across TruAmerica’s portfolio. Since joining in 2020, Mount has helped roll out TruAmerica’s artificial intelligence and business intelligence platforms, as well as other data-driven initiatives.
Stefan Long has been promoted to senior director, fund and corporate accounting, overseeing fund accounting and corporate financial operations. Long, who has 15 years of experience in private equity and real estate accounting, has enhanced TruAmerica’s financial reporting for its Workforce Housing Fund Series and legacy joint-venture investments since joining in 2023.
Bob Hart, founder, CEO and president of TruAmerica, said the changes reflect the firm’s focus on scaling the platform to meet the nation’s evolving residential landscape needs.
“As one of the largest and most active multifamily investment firms in the country, we are intentionally positioning our leadership team to drive the next phase of growth — both within our core value-add business and across new strategies that are broadening our impact,” Hart said in the news release.
A year of changes
TruAmerica has been active on several fronts recently. While Co-Chief Investment Officer Matt Ferrari recently left the firm to launch PXV Multifamily, it announced a batch of promotions in October.
At that time, Noah Hochman was promoted to chief investment officer, assuming oversight of all investment activity nationally. Mark Enfield was promoted to chief operating officer, overseeing national asset and portfolio operations and corporate governance and risk management. Wes LaBar was named executive managing director and head of acquisitions.
TruAmerica, which has 60,000 units, also announced multiple new initiatives this year. In September, the firm partnered with Manulife Investment Management on 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.
In March, TruAmerica launched a Structured Finance vertical as a complement to its core value-add investment platform. The firm hired real estate finance executive Ash Baraghoush to lead the operation as senior managing director.
Structured Finance follows another new TruAmerica vertical, Affordable Housing, which launched in mid-January. The new operation will launch equity and mezzanine debt operations across its national footprint, with the goal of meeting market demand amid elevated interest rates and capital markets dislocation.
