TruAmerica Multifamily, a national, vertically integrated multifamily investment manager, announced the closing of a preferred equity investment, providing $27 million of capital to support the ground-up development of a 251-unit apartment community at 11 El Camino Real in San Carlos, California. The transaction expands TruAmerica’s investment capabilities across the capital stack and marks the firm’s entry into preferred equity financing, further advancing its mission of supporting quality rental housing nationwide.
The investment supports the development of a six-story, 251-unit multifamily community comprising 213 market-rate apartments and 38 affordable units in San Carlos, California, within the San Francisco metro. Developed by SHAC Apartment Communities, the fully entitled, shovel-ready project is expected to commence construction immediately.
“Launching our Structured Finance platform is a natural evolution of the residential business we’ve built over more than a decade,” said Noah Hochman, Chief Investment Officer of TruAmerica Multifamily. “As the gap between homeownership and renting continues to widen, we’re committed to finding new ways to support the development of quality rental housing. Expanding our investment capabilities across the capital stack allows us to provide more flexible capital solutions while advancing that mission.”
TruAmerica’s Structured Finance group was formed in 2025 with the arrival of Ash Baraghoush, who joined the firm to launch and build out its structured finance capabilities. Since then, the team has established a growing set of institutional capital partnerships to support the investment strategy’s continued expansion.
“This closing is particularly meaningful since launching this business vertical in 2025,” said Ash Baraghoush, Senior Managing Director and Head of TruAmerica’s Structured Finance group. “This development checked every box we look for: an experienced sponsor, a supply-constrained infill location, and a basis well below recent trades in the market.”
The San Carlos submarket has benefited from sustained employment growth tied to the broader San Francisco Bay Area technology and life sciences sectors, with the surrounding region seeing double-digit year-over-year rent growth and submarket occupancy above 97%. The property will thereby serve the submarket’s growing need for high-quality, essential housing.
TruAmerica’s equity solutions are designed to serve rental housing developers and owners across the capital stack, complementing the firm’s existing Acquisition, Affordable Housing, and Residential Development strategies. The Structured Finance group expects to continue growing its capital partnerships and deploying capital into similar opportunities across the country.
TruAmerica Multifamily is a national, vertically integrated, institutionally focused multifamily investment firm based in Los Angeles. Founded in 2013, the firm is one of the most active multifamily investors in the United States, with $16 billion in assets under management. Active across the capital stack, TruAmerica’s strategies include Acquisition, Affordable Housing, Residential Development, and Structured Finance. With regional hubs in Dallas, Seattle, Salt Lake City, Chicago, Miami, and Washington, D.C., TruAmerica owns and operates a portfolio of 65,000 apartment units across 20 states and more than 40 markets.
