TruAmerica Multifamily has brought on two new senior leaders to help the Top 50 owner and investor bolster its portfolio management infrastructure and manage its growth in the Northeast, where it is opening a New York/New Jersey office, according to a press release shared with Multifamily Dive.
Joe Deliberto was tapped as managing director, fund management, which is “a consolidated position elevating portfolio management functions,” according to the release. He brings over 15 years of institutional real estate investment experience to the new role.
Danny DeMarco was named director of acquisitions and will lead Los Angeles-based TruAmerica’s acquisitions in the Northeast region and establish its new office in New York City.
TruAmerica’s investment vehicles are growing and evolving, and Deliberto will provide a comprehensive overview of their performance, portfolio construction, business plan execution and realization strategy, per the release. Deliberto will report to the COO.
“Being based in Dallas, I'm well positioned to support TruAmerica's longstanding commitment to maintaining a local presence in, or within close reach of, every market where we invest,” Deliberto told Multifamily Dive in emailed comments.
Deliberto’s “experience and dedicated focus in this newly consolidated role will strengthen how we approach portfolio construction, capital deployment and performance as we continue to grow,” TruAmerica Multifamily COO Mark Enfield said in the release.
Deliberto joins TruAmerica from Ashcroft Capital, where he was director of asset management overseeing its Dallas and Orlando, Florida, portfolios. Before that, he served as senior director of portfolio management at Benedict Canyon Equities, leading refinancing and disposition efforts across $2.5 billion in multifamily transaction volume, per the release.
Meanwhile, DeMarco will open TruAmerica’s New York/New Jersey office and lead acquisition strategy in the Northeast. DeMarco told Multifamily Dive in an email that the TruAmerica is continuing to target high-quality multifamily investments in supply-constrained submarkets where attainable housing is needed most.
“Building on our entry into New Jersey earlier this year with the acquisition of The Grove in Somerset, we see meaningful opportunity to expand our footprint in key markets such as Boston and the DMV while growing our presence across the Tri-State area,” Demarco said. “Establishing a permanent and growing presence in the New York metro area positions us to pursue acquisitions in the region more effectively and to deepen our capital relationships across the platform.”
Prior to TruAmerica, DeMarco worked at LivCor, a multifamily asset management company owned by Blackstone.
“Danny’s experience and relationships will be instrumental as we identify new opportunities and deploy capital across our investment vehicles,” Wes LaBar, the firm’s executive managing director and head of acquisitions, said in the release.
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