Former Kennedy Wilson Executive, Leading Insurance Company Start Multifamily Investment Firm

LOS ANGELES, CA - Robert E. Hart, former President of Kennedy Wilson Multifamily Management Group, announced he is launching an investment firm focused on acquiring, managing and rehabilitating Class B or better multifamily housing in the Western United States. TruAmerica Multifamily will merge the best talents in the industry with the substantial resources of The Guardian Life Insurance Company of America (Guardian). The goal will be to create a first class multifamily asset management operation and funding mechanism with the initial goal of building a portfolio of $1 billion in assets and investing $300 million into those acquisitions.

As President, CEO and Founder, Hart brings his transaction experience and industry expertise from his 20-year career as one of the nation’s leading multifamily executives to TruAmerica Multifamily. “In the last five years alone, homeownership in the United States has declined to approximately 65%, adding nearly four million new renters plus new demand from first time Generation Y renters to the market,” said Hart. “The potential for acquiring well located assets that need rehabilitation and repositioning steadily increases as the demand for quality housing in the country’s major cities grows along with the need for being closer to employment centers.”

Majority funded by Hart and Guardian, TruAmerica Multifamily will provide co-investment capital and also invest with other third party partners. Guardian and its subsidiaries are committed to helping individuals, families and businesses achieve financial security and protection. Guardian leverages its capital, financial strength* and strong balance sheet to identify attractive investment opportunities that are consistent with the long term interests of its policyholders by providing them with a competitive dividend.

“TruAmerica Multifamily is the latest example of Guardian’s commitment to uncovering quality investments for the benefit of our policyholders,” said Thomas G. Sorell, Executive Vice President and Chief Investment Officer of Guardian. “We are pleased to be working with an industry leader such as Bob as we continue to build our real estate debt and equity portfolio.”