TruAmerica Multifamily and Investcorp have acquired Little Cottonwoods, a 379-unit multifamily property in Tempe, for more than $56M. It's one of the largest apartment deals so far this year in Phoenix, and TruAmerica senior managing director Greg Campbell says the firm still sees a lot of runway here. The kind of runway that's built with nation-leading growth projections for population and job creation, that is.

Built in phases between 1985 and 1991, Little Cottonwoods is the third and largest multifamily investment in the Phoenix area for LA-based TruAmerica, and its fourth JV with Investcorp in 15 months. Its other holdings here include the 290-unit Trevi in Chandler and the 254-unit Avenue 25 in North Phoenix. According to Greg, the buyers plan an extensive interior and exterior renovation program designed to give the property a new “vibe.”