4 Multifamily Properties on Tucson’s Eastside Sell for $34.65M
Largest Multifamily Portfolio Sale in Tucson Since 2010
Colliers International in Greater Phoenix recently completed the sale of four Class B multifamily value-add properties in Tucson for an aggregate of $34.65 million ($29,717 per unit) for the 1,166-unit portfolio in four properties.
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, Tucson 85711
* Sienna Ridge, 5353 E. 22nd St., Tucson 85711
* Summit Ridge, 1252 S. Craycroft Road, Tucson 85711
* Verrano Park, 6850 E. Gold Links Road, Tucson 85730
Cindy Cooke, senior executive vice president 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.
The Cooke team has maintained a strong track record of closing 97 percent of their listings over the last 30 years.
To learn more Cindy Cooke can be reached at (602) 222.5039 and Brad Cooke is at (602) 222.5088.
