TruAmerica Multifamily, a Los Angeles-based value-add multifamily investment firm, has established a Central U.S. headquarters office in Dallas under the direction of new hire Ammanuel Metta in an effort to expand its platform and pursue investments in Texas and the Midwest.
Metta joins the firm as senior director of acquisitions and brings more than 12 years of multifamily investment experience to the position. He spent the last seven years with Dallas-based Price Realty Corporation, most recently as vice president of acquisitions, where he was responsible for identifying multifamily investment opportunities throughout Texas. He also spent nearly five years as acquisitions manager at Archstone.
The move reunites Metta with TruAmerica’s head of acquisitions and co-chief investment officer Matt Ferrari, who worked together at Archstone in the real estate investment trust’s leadership and management development program. Metta is a graduate of the University of Texas at Austin, where he also earned an MBA with a specialization in real estate finance.
TruAmerica Multifamily was founded in 2013 to acquire value-add workforce housing apartment communities, with an initial focus on assets in the Western U.S. The company said that in its first three years of operation, it built a portfolio of more than 29,000 units.
In 2016, TruAmerica opened its first regional headquarters office in Washington, D.C. to support investment activities in certain East Coast markets. Today, approximately 25 percent of its portfolio is located in Florida, Georgia, Maryland and North Carolina, accounting for roughly half of its new acquisitions in 2018 and 2019.
“Our long-term strategic plan called for TruAmerica to become a national investment platform within 10 years,” said chief executive officer and founder Robert Hart. “We have worked hard to develop a strong corporate infrastructure and culture with mature regional asset and construction management operations that could support our platform nationally. Entering the Texas and Midwest markets is our logical next step towards achieving our goal.”
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm and manages a $9.6 billion portfolio of approximately 43,000 units in Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida Georgia, and North Carolina.