Manulife Investment Management and TruAmerica have formed Anchor Point Residential, a $1 billion joint venture (JV) aimed at acquiring and operating income-restricted affordable housing across large U.S. metro areas.
The inaugural move involves acquiring GP interests in a portfolio of 51 properties totaling roughly 6,000 units, with construction spanning from 2003 to 2023.
The portfolio is concentrated in California, Texas, and Washington, including properties in Los Angeles, San Diego, Orange County, Sacramento, Bakersfield, Palmdale, Austin, Houston, and the Dallas–Fort Worth area.
August marked the closing of the initial tranche, with additional closings expected in the fall as Phase II and beyond progress.
The assets are LIHTC-backed, reflecting a federal program that incentivizes private investment in affordable housing. Anchor Point Residential is described as a programmatic expansion of the partners’ affordable housing platforms, with a focus on preserving affordability and strong operational stewardship over the long term.
TruAmerica will provide on-site property management and acquisitions expertise, while Manulife Investment Management contributes institutional capital and portfolio-management oversight as the asset-manager arm of Manulife Financial Corporation.
This venture arises amid a nationwide shortage of affordable rental housing and underscores a shared commitment to sustaining income-restricted units through active stewardship and disciplined management.
