Omninet Buys Four Apartment Complexes for $34.65 Million in Tucson

Gaines Investment Trust of La Jolla, Ca (Jeff Gaines, Director) sold four apartment complexes with an aggregate of 1,169-units in Tucson for $34.65 million ($29,641 per unit) to Omninet Tucson, LP an affiliate of Omninet Capital (Michael Danielpour, manager) of Beverly Hills, CA.

Verrano Park (built 1980) at 6850 East Golf Links Road with 93-units sold for $2,128,500 ($22,887 per unit). Sienna Ridge Apartments (built 1975) at 5353 E 22^nd Street with 305-units sold for $9.9 million ($32,459 per unit). Mountain Vista Apartments (built 1973) at 373 N Wilmot Road with 408-units sold for $11,929,500 ($29,239 per unit); and Summit Ridge Apartments (built 1974) at 1250 -1260 S Craycroft Road with 360-units sold for $10,692,000 ($29,700 per unit).

The seller still owns two apartment complexes in Tucson at Pavilion at Pantano Apartment Homes at 8110 E Speedway Blvd and La Hacienda Apartment Homes at 6161 E Pima Street in Tucson.

Both buyer and seller were self–represented in the bulk sale.