TruAmerica Multifamily has taken another step to scale its affordable housing platform.
The national vertically integrated multifamily investment firm has hired James Crowder as managing director of affordable housing. The industry veteran is charged with growing the company’s new platform through acquisitions, development, and preservation initiatives.
The move comes after TruAmerica—in partnership with Manulife Investment Management—launched a $1 billion affordable housing joint venture, Anchor Point Residential, last year. The platform debuted with the acquisition of a 51-property, 6,000-unit affordable housing portfolio located across major metro areas in California, Texas, and Washington, including Los Angeles, San Diego, Orange County, Sacramento, Bakersfield, and Palmdale in California as well as Austin, Houston, and Dallas-Fort Worth in Texas.
The properties were constructed between 2003 and 2023, with many of the early developments past their low-income housing credit (LIHTC) compliance periods.
“We have an opportunity for resyndications on those,” Crowder tells Affordable Housing Finance, adding that the recent reduction of the bond financing threshold test to 25% will open financing possibilities in a number of states.
He would like to see about 10 deals advancing toward resyndication over the next 12 to 18 months.
Following the big portfolio acquisition from the AMCAL group of companies, TruAmerica will also be looking to expand through additional acquisitions as well as ground-up construction projects throughout the country, according to Crowder.
The investment strategy focuses on income-restricted rental housing backed by state and federal housing tax credits, often referred to as “Capital A” affordable housing.
New Opportunities
Based in Los Angeles, TruAmerica owns and operates 65,000 apartment units across 16 states and more than 35 markets.
“Affordable housing is a natural evolution of TruAmerica’s residential expertise and advances our mission of building better communities,” says CEO Bob Hart. “James’ leadership will be instrumental as we continue to scale this critical strategy. By leveraging our fully integrated platform—including our construction, operations, and technology capabilities—we are well positioned to drive efficiencies that support the long-term preservation of affordable housing.”
Crowder agrees that TruAmerica’s size, experience, and relationships position the firm to explore affordable housing deals outside of their conventional structures.
“In an effort to preserve affordable housing, we have to as an industry look at ways to get these older assets revitalized and rejuvenated so they continue to be safe, sanitary, and decent places for our tenants to live,” he says.
Crowder brings more than 15 years of affordable housing experience to the company. He recently served as executive vice president of acquisitions and asset management at CCI, where he led investment strategy and portfolio performance. He previously held senior roles at LEDG Capital Partners and Hunt Capital Partners, where he helped scale platforms and closed more than 70 LIHTC transactions totaling $1.8 billion.
He began in the business shortly after college, starting as an analyst on the community development team at Bank of America. Like many in the industry, he became drawn to the complexity of affordable housing as well as the opportunity to provide needed housing.
“We are at the end of the day providing a social good,” he says. “That’s something you can hang your hat on.”