Former JRK Property Holdings executive Tim Siegman has joined TruAmerica Multifamily as chief financial officer.
Siegman, who has more than three decades of experience in real estate finance, replaces Karen Millan, who left Los Angeles-based TruAmerica to spend more time with her family. TruAmerica CEO Bob Hart, who has known Siegman for years, said the new CFO's institutional knowledge and experience in accounting, finance, reporting and internal controls will benefit the company as it continues to grow.
"Over the course of his 35-year career, Tim has played an instrumental role in helping to meet and exceed the growth objectives of some of the largest real estate firms – both public and private — in the United States," Hart said in a press release shared with Multifamily Dive.
In his most recent role, Siegman served for 13 years as chief accounting officer at JRK Property Holdings, a Los Angeles-based multifamily and hospitality investment firm. He also served as director of finance for publicly traded Westfield Corp., an Australian commercial real estate company, and held senior management roles at Chevy Chase, Maryland-based REIT The Mills Corp. and American Realty Advisors, a Los Angeles-based provider of real estate investment management services.
The new CFO joins TruAmerica at a time of rapid growth. Last year, the company purchased $4 billion worth of assets (including the Ridgemont at Stringers Ridge in Chattanooga, Tennessee, pictured above), ranking it as the No. 9 buyer in the country, according to Real Capital Analytics. In December, it closed on its first discretionary fund with $575 million in equity commitments from foreign and domestic insurance companies, public and private pension funds, global asset management firms and family offices.
In the most recent National Multifamily Housing Council Top 50, TruAmerica ranked as the No. 35 owner in the country with 29,533 units. It has $18 billion in assets under management.
"TruAmerica has done an excellent job in its audit, tax reporting and day-to-day processes," said Siegman in the release. "As the firm continues to evolve as an institutional fund manager, it is important to create and implement policies and procedures that will make reporting even more efficient and timely."
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