Manulife Investment Management and TruAmerica Multifamily have forged a $1 billion affordable housing joint venture dubbed Anchor Point Residential. The duo will purchase a 6,000 income-restricted unit portfolio encompassing 51 assets to kick off their new platform.
The communities are scattered throughout California, Texas and Washington across markets such as Los Angeles, San Diego, Orange County, Sacramento, Bakersfield, Austin, Houston and Dallas. Their debut year ranges between 2003 and 2023.
Anchor Point Residential will acquire the general partner interests of assets benefiting from LIHTC, preserving the communities’ income-restricted status at a time when more and more properties are reaching the end of their compliance periods. For reference, upward of 850,000 units are set to hit the end of their affordability restrictions by 2038, according to a Yardi Matrix report.
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TruAmerica’s involvement in the affordable sector didn’t start here. The company closed its first workforce housing fund in 2021 at $575 million, following it up with the launch of a second investment vehicle one year later. Its second fund garnered $236 million in capital commitments as of January 2025, according to SEC filings.
What’s more, the firm ventured deeper into the market earlier this year as it launched an affordable housing division. The division is currently led by the investment team of Noah Hochman, co-CIO & head of capital markets, and Wes LaBar, managing director of acquisitions.
Inclusive of its traditional multifamily portfolio, TruAmerica has $16 billion in assets under management, including more than 60,000 units across nearly 300 properties. Just last month, it purchased Archstone Redmond Lakeview, a 166-unit community in Redmond, Wash., from AvalonBay, Yardi Matrix data shows.
A policy-friendly environment for affordable housing
The venture formed against the backdrop of tax credit allocation increases baked into the One Big Beautiful Bill, whereby state allowances will grow by 12 percent beginning in 2026, and federal credits will be made available for projects whose tax-exempt bonds cover 25 percent of costs, down from 50 percent.
Additionally, policymakers are also working to boost housing development at the state level. California passed legislation to speed up permitting, increase financing and streamline environmental reviews, a different Yardi Matrix report shows. Texas officials also consider easing construction restrictions, allowing for residential use in commercial zones and reducing lot sizes.
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