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TODAY’S DEALS: Omninet Capital Buys Value-Add Portfolio in Tucson

TODAY’S DEALS: Omninet Capital Buys Value-Add Portfolio in Tucson

(From Property News Global)

Tucson, Ariz.—Omninet Capital has acquired a 1,166-unit portfolio in Tucson from Gaines Investment Trust. The transaction marks the buyer’s entry into Tucson. Both firms are based in California.

The Greater Phoenix office of Colliers International brokered the $34.7 million sale on behalf of Gaines. Omninet was self represented. All assets were built netween 1973 and 1984. They include:

– 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

“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,” says Brad Cooke, a vice president a Colliers who worked alongside senior executive president Cindy Cooke on the deal.

It has been a busy summer for the Cooke team. They announced a 2,759-unit, $168.5 million sale in Phoenix in late July. According to Colliers, the most recent sale is the largest multifamily portfolio by units sold in Tucson since 2010 (when Cooke Multifamily Investments closed a 2,913 unit portfolio.