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TruAmerica Multifamily Launches Build-for-Rent Development Division
Taps BFR Industry Veteran Mitch Rotta to Lead New Initiative
By: TruAmerica Multifamily
The initial roll-out of TruAmerica's in-house BFR platform will be in high growth Southwest, Southeast and Texas suburban markets, which represents approximately 60% of the firm's $16.1 billion multifamily portfolio.
"The changing demographics of the U.S., the ongoing affordability-
Rotta has been involved in the burgeoning BFR space for the majority of his career, most recently with Tricor Homes, a leading build-for-rent construction operator and builder. As Director of New Construction and Executive Vice President of Acquisitions he oversaw the entire lifecycle of the firm's build-for-rent program from land acquisition through vertical construction. Previously, Rotta acted as a consultant to a wide variety of BFR investors and operators assisting them with site planning, design, budgeting, scheduling, equity and debt, and financial modeling.
Rotta will tap his extensive relationships within the build-for-rent industry to assemble TruAmerica's in-house BFR development team which will include experienced professionals in land acquisition, entitlement and construction.
"We are actively engaged in acquiring entitled land and anticipate closing on several land parcels in North Carolina, Texas and Florida with the intent on starting construction on our first communities by the end of the year," said Rotta.
TruAmerica will focus on communities with townhomes ranging in size from 1,200 to 1,500 square feet and single-family homes between 1,800 to 2,200 square feet with rents affordable to working class American families.
"As we grow our investor fund business, our BFR platform will be yet another avenue for our existing LPs to invest in the TruAmerica brand," added Noah Hochman, Co-Chief Investment Officer and Head of Capital Markets.
About TruAmerica Multifamily
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country's most active multifamily investors and manages a portfolio of approximately 59,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Ohio, Tennessee, Texas, Utah and Washington. For more information on TruAmerica Multifamily, visit http://www.truamerica.com
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