Build for Rent
(BFR) platform

A differentiated BFR strategy that entails sourcing raw, entitled land, controlling the development and horizontal construction process.

Selling finished lots to homebuilders and partnering with homebuilders to construct rental homes.

Overview

FIRM OVERVIEW

TruAmerica has a deep bench of real estate professionals with an average of twenty years of experience.

Senior leadership is augmented through a thoughtful and lean staffing plan with key roles hired or in process.

The BFR platform will leverage extensive relationships across multiple verticals to ensure best in class development and operations.

BUILD-FOR-RENT

BFR is increasingly seen as a solution for the affordability crisis, providing tenants that have been priced out of ownership the opportunity to live in a high quality, well amenitized single family residential community.

While currently a small and fragmented portion of the multifamily rental market, there is considerable interest from institutional capital

PIPELINE

Under exclusivity on three projects totaling 1,602 lots located in Arizona, North Carolina and South Carolina.

Actively tracking deals in an additional four states (CA, CO, FL, TX) and have identified six additional target markets.

FUNDAMENTALS

US single and multifamily construction has not kept pace with population growth; particularly following the Global Financial Crisis.

In addition to general under investment, constraints to construction materials and labor have exacerbated the shortage.

As a result, affordability for both single family for sale homes and multi family rental are at multi decade lows.

STRATEGY

TruAmerica will enter the value chain earlier than other operators, allowing TruAmerica to control the development process and realize early revenues through the sale of finished lots to homebuilders.

TruAmerica will also partner with national, regional and local homebuilders to deliver product at a discount to market value.

Target markets are based on population & employment growth, availability & affordability of for sale and rental product.

Executive Leadership

Senior Managing Director, Build-For-Rent

Mitch Rotta

BFR is a natural extension of our workforce housing platform because it complements the same demographics that make up our Class B multifamily strategy

Mitch Rotta leads TruAmerica Multifamily’s Build-For-Rent platform. Mr. 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, he 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. Mitch graduated from Michigan State University with a degree in Construction Management.

Acquisition Manager

Paul Dionne

Given the persistent shortage of housing for young professionals, the opportunity to acquire income-producing residential real estate at attractive basis represents a unique opportunity to hedge against inflation while achieving superior returns through all market cycles

Paul Dionne leads all acquisition activities for TruAmerica Multifamily’s Build-For-Rent platform. Mr. Dionne has been involved in acquiring income-producing residential real estate for nearly a decade, most recently at Treehouse Communities where he was responsible for acquisitions totaling over $1.1b TEV in the manufactured housing space. In this capacity, Mr. Dionne was also tasked with development and feasibility analysis for expansion projects relating to existing properties and new acquisitions. Prior to Treehouse Communities, Mr. Dionne was one of the first employees at commercial real estate research firm, Vizzda, and was responsible for producing data series and instituting best practices that remain part of their core platform. Mr. Dionne studied economics at George Washington University and lives in Scottsdale with his fiancé.

Corporate Leadership

President & CEO

Robert E. Hart

TruAmerica’s people share a passion for the asset type in which we work: its investors, the people who work to improve it, and its end user, the tenant.

Real estate investment industry veteran Robert E. Hart is the founder, chief executive, and president of Los Angeles-based TruAmerica Multifamily, a vertically integrated multifamily investment firm with regional headquarters in Arlington, VA; Seattle, WA and Dallas, TX.

Since its founding in 2013, TruAmerica under his leadership has become one of the most active multifamily investors in the United States and today has approximately $16.1 billion of assets under management. Hart is responsible for the phenomenal growth and national expansion of the firm’s value-add investment platform, which currently includes more than 59,000 units in 16 states. He has led TruAmerica to a top 50 ranking of the largest apartment owners in the United States the past six years by the National Multifamily Housing Council.

As CEO, Hart chairs TruAmerica Multifamily’s Investment Committee to skillfully select value-add assets for acquisition, repositioning, and eventual disposition to deliver outstanding risk-adjusted returns for the company and its 30 global institutional partners.

With a career that spans nearly four decades, Bob is a recognized leader in the multifamily industry where he contributes his time and energy as a board member to a variety of industry organizations including the National Multifamily Housing Council and the Urban Land Institute. Named one of the most influential business leaders in Los Angeles by the Los Angeles Business Journal and Los Angeles Times he was also recently recognized by Real Estate Forum as the “Best of the Best Bosses” in the real estate industry.

Understanding the value of giving back, Hart also generously gives of himself – both in time, talent and treasure – to a wide variety of charitable and academic organizations, raising tens of millions of dollars to better the lives of others in his community. For nearly 16 years, half as Chairman, Bob has been a member of the board of directors of Chrysalis, a non-profit organization dedicated to creating a pathway for homeless and low-income individuals to find and retain employment in Los Angeles. Recognized for his professional and philanthropic contributions to elevate the human condition, he was celebrated by the City of Hope in 2017 with the Spirit of Life Award. He is also the proud recipient of the Humanitarian Leadership Award presented to him by the Alumni Association of his alma mater Worcester Polytechnic Institute. Hart is also a member of the Board of Trustees of the Marlborough School in Los Angeles and a member of Board of Governors of the City of Hope.

Prior to founding TruAmerica Multifamily, Hart earned industry accolades as the transformational chief executive of Kennedy Wilson Multifamily Management Group, a part of the NYSE-listed Kennedy Wilson global real-estate concern. Hart envisioned and launched Kennedy Wilson’s value-add apartment portfolio strategy that profitably acquired and disposed of more than 20,000 units in 13 years, with a total transaction value of more than $4.5 billion.

Previously Hart was senior vice president of portfolio management for global real estate investment management firm, Heitman Capital Management where engineered the turn-around and disposition of a $500 million property portfolio on behalf of pension funds, endowments and domestic and foreign lenders. Previously, he served as Director of Real Estate Marketing for Executive Life Insurance Company, where he was responsible for the orderly liquidation of more than $1 billion in real estate assets and securities.

Hart is a sought-after interview by leading publications, and has been featured in The Wall Street Journal, National Public Radio, Bloomberg, The Los Angeles Times and innumerable industry and trade media outlets for his insights into the real estate markets.

Hart holds a Bachelor of Science degree in civil engineering from Worcester Polytechnic Institute in Worcester, Massachusetts and continues to serve his alma mater as a member of the Board of Trustees. He earned a Master of Business Administration degree from the Anderson School of Management at the University of California, Los Angeles and where he serves on the leadership board for UCLA’s Ziman Center for Real Estate.

Co-Chief Investment Officer & Head of Capital Markets

Noah E. Hochman

The market remains liquid, as investors continue to be attracted to multifamily fundamentals and see yield opportunities in the value-add space. Our partners appreciate the selective and disciplined approach that we utilize when targeting new investments.

Mr. Noah Hochman is the Co-Chief Investment Officer & Head of Capital Markets for TruAmerica Multifamily. Mr. Hochman heads investor relations and leads TruAmerica’s corporate equity and debt strategies, with responsibility for capital formation and joint venture structuring. In this role, Hochman has assisted in raising more than $2 billion in equity and has grown the firm’s institutional investor base to 30 domestic and off-shore capital partners. With more than 21 years of experience in multifamily transactions, Hochman also provides strategic leadership to TruAmerica’s acquisitions team.

Prior to joining TruAmerica Multifamily, Mr. Hochman served as Vice President of Acquisitions and Dispositions at Triumph Management Company. Prior to joining Triumph, Mr. Hochman served as Vice President of Acquisitions for Granite Peak Partners.

Mr. Hochman holds a Bachelor of Arts in Economics from UCLA and is a graduate of the Anderson Graduate School of Management Mergers & Acquisitions Program at UCLA.

Chief Financial Officer

Tim Siegman

As the firm continues to evolve as an institutional fund manager, it is important to create and implement policies and procedures that will make reporting even more efficient and timely.

Mr. Tim Siegman is Chief Financial Officer for TruAmerica. Previously, he spent 13 years serving in the role of Chief Accounting Officer at JRK Property Holdings, a privately held multifamily and hospitality investment firm. After graduating from California State University, Northridge, Mr. Siegman spent eight years at Kenneth Leventhal & Co., one of the nation’s most prominent real estate accounting firms before it merged with Ernst & Young in 1995. Following the merger, he entered corporate real estate as Director of Finance for publicly traded Westfield Corporation. Mr. Siegman’s career also includes senior management roles at The Mills Corporation and American Realty Advisors. He is a licensed CPA (inactive) in the state of California.

Platform Strategy

With a national footprint, 60 000 units and over 16 Billion of AUM, the TruAmerica brand will now add a new vertical to its platform by expanding into the Build for Rent asset class. This emerging asset class is poised for tremendous growth over the next decade, and TruAmerica will play a critical role in this trend.

TruAmerica’s BFR strategy is differentiated from competitors in that we:

Acquire raw land with residential zoning
Control the development and construction process
Sell finished lots to homebuilders to generate revenue early in the development cycle and reduce basis
Partner with homebuilders through vertical construction

Strategic Advantages

TruAmerica will oversee the acquisition, development, construction and operations of Build For Rent communities nationwide. The primary focus will be on traditional townhome and single family detached houses with minor focus on horizontal apartments based on geography, demographics and risk profile.

Land Sourcing & Acquisitions

Leverage existing relationships through broker and landowner networks to identify, underwrite and secure land pipeline in various stages of approval

Capital Formation

Utilize internal credit revolvers to advance projects to de-risked development milestones prior to drawing LP capital; deep network of LP and debt capital sources

Pre Development

Control the municipal approval process through internal resources to create a compelling narrative for each project while gaining necessary approvals

Construction Management

Oversee 3rd party construction partners to ensure budget, schedule and quality are maintained on each project from start to finish

Asset Management

Existing infrastructure with experienced personnel to handle large portfolio management to maximize each project return upon completion of construction

Socially Responsible Investing

Environmental

Sustainable Materials

To the extent possible, all appliances and building materials will be EnergyStar certified or equivalent

Renewable Energy

We will use best efforts to incorporate green energy technology (including solar and battery) into homes

Carbon Footprint

We will attempt to utilize the latest in carbon reducing construction materials, including BamCor & Hercu Wall

Governance

Standing ESG Committee

Mitch Rotta – member of ESG Committee

ESG Approval

All approvals are subject to ESG Review including Phase I Environmental reports

Vendor Pre Approval

All vendors are evaluated on their ESG impact as part of the pre screening process

Social

Tenant Wellness

TruAmerica BFR will offer life & health, mental health and educational programming to tenants

Community Development

By offering market leading community engagement programs, we seek to improve quality of life for our tenants

Inclusive Communities

TruAmerica BFR is committed to providing affordable, high quality workforce housing for all qualifying tenants

Address

10100 Santa Monica Blvd
Suite 400
Los Angeles, CA 90067

Phone

(424) 325-2750

Email

[email protected]

TruAmerica Build-for-Rent, a development arm of TruAmerica Multifamily, builds townhome and single-family rental communities in Southeast and Southwest suburban submarkets at rents affordable to working class Americans.

Press Room

Build for Rent (BFR) platform