Wednesday, May 18, 2016

PHOENIX MULTIFAMILY High-Growth Area Attracts Multifamily Investors


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In one of the largest apartment transactions this year in the metro,TruAmerica Multifamily and institutional capital partner, Investcorp, have acquiredLittle Cottonwoods, a 379-unit multifamily community for $56.7 million. Little Cottonwoods is located along McClintock Drive, an area characterized by its rapidly growing job market and high concentration of amenities. The property is located within minutes of approximately 3 million square feet of retail, dining and entertainment.
TruAmerica senior managing director Greg Campbell tells GlobeSt.com: “Tempe is ground zero for job creation in Phoenix, with tens of thousands of jobs projected to be created over the next five years. This is exactly the type of submarket where we have had success with workforce housing renovation.”