Beverly Hills billionaires buy 1,100 Arizona apartments for $34.7M

The real estate arm of the billionaire Nazarian family has bought more than 1,100 apartments in Tucson for $34.65 million, Mike Sunnucks of Phoenix Business Journal reports.

The Nazarian family operates Beverly Hills, California-based Omninet Capital LLC. The family held major stakes in Qualcomm and are of Jewish-Iranian descent. They have also been involved in Hollywood movie productions.

They already own office complexes in Gilbert, near Seventh Street and Bell Road and Seventh Street and Clarendon Avenue in Phoenix, as well as properties in Southern California and Las Vegas.

Colliers International brokers Cindy and Brad Cooke represented the seller of the four apartment complexes, Gaines Investment Trust.

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August 19, 2014

family planning, Housing, Multi-Family, real estate

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Beverly Hills billionaires buy 1,100 Arizona apartments for $34.7M

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