- Manulife and TruAmerica have launched Anchor Point Residential, a $1B affordable housing platform.
- The JV’s first acquisition includes 6K units across 51 properties located in California, Texas, Washington, and other markets.
- The strategy focuses on preserving income-restricted housing and delivering stable, long-term returns by addressing housing undersupply.
A Major Push Into Affordable Housing
Manulife Investment Management and Los Angeles-based TruAmerica Multifamily have partnered on a $1B joint venture, reports Bisnow. The new platform, called Anchor Point Residential, is focused on investing in affordable multifamily housing. The venture launches with the acquisition of a 51-property, 6K-unit portfolio.
Nationwide Footprint
The acquired properties were built between 2003 and 2023. They span major metro areas in California, Texas, and Washington. Several smaller markets are also included in the portfolio. The first tranche of the deal closed in August, with more expected to close throughout the fall.
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Addressing A Critical Shortage
The US is short more than 7M affordable rental homes. For every 100 low-income renters, only 35 units are available. This data comes from the National Low Income Housing Coalition. The new platform aims to preserve access to income-restricted housing while generating stable cash flow.
A Long-Term Strategy
Manulife’s Jessica Harrison said the platform reflects “durable cash flow supported by stable occupancy.” She noted this is especially important in a market suffering from chronic undersupply. TruAmerica’s Wes LaBar added that the JV provides the scale and responsiveness needed to operate effectively in the affordable housing sector.
Looking Ahead
Anchor Point Residential aims to scale quickly by actively targeting local housing needs. TruAmerica manages over 60K units and holds $16B in assets. Together with Manulife, the firms aim to make a measurable impact on the affordable housing crisis. They also seek to deliver mission-aligned, long-term returns.
