TruAmerica Multifamily opens Dallas office
TruAmerica Multifamily has established a Central US headquarters office in Dallas, Texas under the direction of new hire Ammanuel Metta.
The Los Angeles-based real estate investment firm was founded in 2013 by Hart to acquire and improve value-add workforce housing apartment communities. Focusing initially on assets in the Western US, TruAmerica built a portfolio of more than 29,000 units in its first three years of operation. In 2016, TruAmerica opened its first regional headquarters office in Washington, DC to support investment activities in select East Coast growth markets. Approximately 25 per cent of TruAmerica’s 43,000-unit, USD9.6 billion-portfolio is located in Florida, Georgia, Maryland and North Carolina, accounting for roughly half of TruAmerica’ new acquisitions in 2018/2019.
“Our long-term strategic plan called for TruAmerica to become a national investment platform within 10 years,” says 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.”
Ammanuel Metta joins TruAmerica as Senior Director of Acquisitions and will lead the firm’s investment efforts in Texas and the Midwest. Metta brings more than 12 years of multifamily investment experience to the position, the last seven with Dallas-based Price Realty Corporation. As Vice President of Acquisitions at Price, he was responsible for identifying multifamily investment opportunities throughout Texas. Metta is a graduate of the University of Texas at Austin, where he also earned an MBA with a specialisation in real estate finance.
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.
“The key to our successful platform is finding talented people whose skill sets and values match our corporate culture and Ammanuel checks every box,” adds Ferrari. “Having personally known Ammanuel for more than 10 years, he was the clear choice to lead our initiative in the Heartland.”