Manulife, TruAmerica form $1B affordable housing joint venture

Group 1 - Manulife IM and TruAmerica have launched a $1 billion joint venture named Anchor Point Residential to address the need for affordable housing in the U.S. [7] - The venture aims to acquire high-quality, income-restricted assets backed by Low-Income Housing Tax Credits, focusing on a geographically diverse portfolio [7] - The initial acquisition includes a 6,000-unit portfolio of 51 properties built between 2003 and 2023, located in major metro areas of California, Texas, and Washington [7] Group 2 - Manulife IM emphasizes its commitment to increasing access to affordable housing and capitalizing on favorable fundamentals in the housing sector [3] - The partnership is seen as a strategic move to leverage complementary strengths and operational expertise between Manulife IM and TruAmerica [5] - The affordable housing sector is viewed as resilient and capable of providing stable, durable returns, despite volatility in the market-rate transaction environment [4][6]