TruAmerica backs San Carlos apartments with $27M in first preferred equity deal
What's the deal? TruAmerica MultifamilyDealroom has a profile for this one. Try Dealroom → has closed a $27 million preferred equity investment to fund the ground-up development of a 251-unit apartment community at 11 El Camino Real in San Carlos, California. The deal marks the Los Angeles firm's first preferred equity financing and the debut of its Structured Finance platform.
What's the endgame? The six-storey project — 213 market-rate and 38 affordable units — is developed by SHAC Apartment CommunitiesDealroom has a profile for this one. Try Dealroom →. Fully entitled and shovel-ready, it is expected to break ground immediately.
Why now? TruAmerica formed its Structured Finance group in 2025 with the arrival of Ash Baraghoush, who now leads it. The team has since built institutional capital partnerships to back the strategy.
"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. He tied the move to the widening gap between homeownership and renting.
Why this site? Baraghoush said the deal "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, tied to Bay Area tech and life sciences employment, has seen double-digit year-over-year rent growth and occupancy above 97%.
The signal: Founded in 2013, TruAmerica manages $16 billion across 65,000 units in 20 states. Adding preferred equity extends its reach across the capital stack — a play to deploy flexible capital as developers navigate a tighter financing market.
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