Colliers International in Greater Phoenix recently completed the sale of four Class B multifamily value-add properties in Tucson for $34.65 million for the 1,166-unit portfolio.
Omninet Capital, LLC, of Beverly Hills, Calif., purchased the four properties from Gaines Investment Trust of La Jolla, Calif. The portfolio, Omninet’s first acquisition in Tucson, included:
· Sedona Springs, 373 N. Wilmot Road
· Sienna Ridge, 5353 E. 22nd St.
· Summit Ridge, 1252 S. Craycroft Road
· Verrano Park, 6850 E. Gold Links Road
Cindy Cooke, senior executive vice president of Colliers International in Greater Phoenix, and Brad Cooke, vice president of Colliers International, served as the brokers for the seller. The buyer was self-represented.
The apartments were constructed between 1973 and 1984.
“We received multiple offers on the portfolio but it was Omninet’s terms that won them the deal. No other buyers were able to match how fast they could remove contingencies and close on the properties,” Brad Cooke said.
This sale is the largest multifamily portfolio units sold in Tucson since 2010, according to Colliers International, when Cooke Multifamily Investments closed a 2,913-unit portfolio, splitting it between two buyers, setting the previous Tucson record.
The Cooke team’s detailed knowledge of the Tucson market combined with their national connections has been a winning combination for bringing new buyers to the Tucson market.