TruAmerica Multifamily, one of the country’s largest private multifamily investment firms, is reshuffling its executive ranks with a trio of promotions aimed at powering its U.S. apartment expansion.
Noah Hochman, a founding executive, is stepping into the role of chief investment officer after serving as co-CIO since 2019. Mark Enfield, another founding executive, has moved up to chief operating officer from chief administrative officer. The firm is also promoting Wes LaBar from managing director of acquisitions for the Western U.S. to executive managing director and head of acquisitions.
The executives assume some of the responsibilities formerly held by longtime executive and former co-chief investment officer Matt Ferrari, who has left the company to pursue other opportunities.
The promotions come about a month after TruAmerica and Manulife Investment Management launched Anchor Point Residential, a joint venture aimed at acquiring and preserving $1 billion in affordable housing nationwide and seeded with a 51-property, 6,000-unit portfolio spanning major metros like Los Angeles, San Diego, Houston, and Dallas-Fort Worth.
“These leaders are driving the next phase of growth — both in our flagship business lines and in our newer, complementary strategies,” said Bob Hart, TruAmerica’s president and CEO, in a statement. Hochman has helped grow Los Angeles-based TruAmerica from a regional player to a national firm with about 60,000 units across the U.S. His track record includes raising more than $5 billion in equity for the company and leading $20 billion in acquisitions and dispositions.
LaBar, who will report to Hochman, has been with the firm since 2017 and has helped execute $5 billion in multifamily deals while expanding TruAmerica’s footprint into new markets and strategies. He is based in the firm's Sandy, Utah, office.
Rounding out the trio is Enfield, who has also worked for Los Angeles-based CityView and Keystone Real Estate Project Management. He will oversee national asset and portfolio operations, along with corporate governance and risk management.
TruAmerica has been snapping up properties this year. This month the company acquired North Creek Apartment Homes, a 168-unit garden-style complex at 700 W 91st Ave in Thornton, Colorado near Denver, for $38 million. And In August it acquired two apartment complexes with 257 total units in Phoenix for a combined $67 million.