TruAmerica promotes acquisitions director

TruAmerica Multifamily, which earlier this year invested $165 million to acquire apartment complexes in Fort Myers and Orlando, has promoted its director of East Coast acquisitions.

As managing director of the company's East Coast business, Matthew Ferrari also will be responsible for asset and construction management for TruAmerica from the firm's Virginia office, in addition to future purchases.

“Rolling the asset management team into one unit will allow us to impart local knowledge throughout our East Coast portfolio,” Ferrari says.

Ferrari, who oversaw TruAmerica's $66 million purchase of the 640-unit Sienna at Vista Lake acquisition in Fort Myers in August, joined the company in September 2016.

During his tenure, he has been involved in more than $700 million in apartment purchases.

Ferrari says the company still hopes to own as many as 5,000 units in Florida within three years. Today, the firm controls about 1,600 units statewide.

Los Angeles-based TruAmerica, formed in 2013, is one of the U.S.'s largest multifamily owners, with a portfolio containing 34,000 units.