Phoenix – A limited partnership formed by Omninet Capital LLC in Beverly Hills, Calif. (Neil Kadisha, Benjamin Nazarian, Parviz Nazarian, managing partners) paid a combined $40.9 million to purchase 1,009 apartment units in two Phoenix properties. The sellers in two sales were companies formed by Fannie Mae (Federal National Mortgage Association) in Washington, D.C. and The Related Cos. in New York City, N.Y. (Stephen Ross, chairman). The transactions were brokered through Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Records show Omninet Southwest L.P. acquired the two rental communities with $43.7 million in financing from Union Bank. The apartment acquisitions are the first multi-family investments in the Valley for Omninet, which has previously acquired office and industrial properties and land parcels in the Phoenix area. The privately-held Omninet is looking to buy more multi-family and office projects in the Valley. Omninet is known for being a quick closer by completing real estate acquisitions with short escrow periods and usually on an all cash basis. Michael Danielpour of Omninet says the company has $150 million targeted to spend on Valley properties. Continue reading
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