- TruAmerica closed its $708M Workforce Housing Fund II, targeting Class B assets in 25 high-growth US markets.
- The fund has already acquired 14 properties with over 3,300 units since 2023.
- Asset values are down up to 20% from 2022 peaks, creating buying opportunities.
- Diversified investor base includes 35% non-US capital committed to workforce housing.
Fund Secures New Capital for Workforce Housing
According to Multi-Housing News, TruAmerica Multifamily closed $708M for its Workforce Housing Fund II. The raise increases the fund’s purchasing power to about $2B. The closed-end vehicle targets direct equity investments in stabilized workforce housing. It serves households earning 60% to 100% of area median income. The strategy spans 25 high-growth markets nationwide.
Since launching in 2023, the fund acquired 14 properties totaling 3,334 units. The acquisitions span key metros, including the Boston area’s Villas at Old Concord, and recent purchases in Seattle, Baltimore-Washington, and the Los Angeles metro.
Targeting Class B Communities and Market Imbalances
The workforce housing fund strategy centers on well-located Class B assets near central business districts, where supply-demand imbalances and limited attainable inventory persist. This focus comes as broader housing imbalances disrupted market conditions in 2025, particularly in fast-growing Sun Belt and Mountain West metros. TruAmerica targets late 1990s and early 2000s construction. It also pursues value-add properties with room for resident-focused upgrades.
Major target markets range from Denver to Nashville, with recent investments in Tampa, Salt Lake City, Seattle, and more. The fund is positioned to capitalize on strong demographic trends and employment growth that underlie workforce housing fundamentals.
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Diversified Investor Support and Market Opportunity
Workforce Housing Fund II drew its $708M from a mix of institutional investors—insurance companies, pension plans, asset managers, and family offices. Approximately 35% of the capital came from non-US investors, many partnering with TruAmerica for the first time.
The fundraising process was led internally with Nomura Securities placing capital in Japan. Legal counsel was provided by Gibson, Dunn & Crutcher.
Buying Amid a Valuation Reset
TruAmerica pointed to a valuation reset in the multifamily market, noting that asset prices have declined as much as 20% from 2022 highs. The fund has targeted assets at discounts to replacement costs and will continue seeking opportunities during ongoing market volatility.
The company expects to drive portfolio expansion over the next 12–24 months while maintaining selectivity and discipline. Leadership sees opportunities in story-driven deals, often linked to loan maturities or urgent liquidity needs, and will leverage regional acquisition, asset, and construction management expertise for execution.
