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TEMPE, ARIZ. — TruAmerica Multifamily and institutional capital partner Investcorp have acquired the 379-unit Little Cottonwoods apartment complex in Tempe for $56.7 million. The community is located at 1820 E. Bell De Mar Drive.
Little Cottonwoods was built in phases between 1985 and 1991.
This transaction represents TruAmerica’s third and largest multifamily investment in the Phoenix area to date. It is the fourth venture the firm has completed with Investcorp in the past 15 months.