American Marconi Wireless News - Rafi Toledano's Powerhouse Sorrento Property Group Brings in $103M in Sales This Year, with a $60M Jacksonville Deal Projected to Close by Year-End

Avani North, a 325-unit community in Tucson, Arizona, sold for $31.5 million.

Sorrento Property Group, the New York-based multifamily firm Rafi Toledano founded and leads as chief executive, has closed four sales totaling $103 million this year, shedding 920 units across Arizona, Texas, New Mexico and Florida. It is now under contract on two Jacksonville apartment communities for about $60 million, a deal it expects to close by year-end.

The trades have come in a thin market. U.S. multifamily sales volume is down 10.7% from a year earlier, according to Yardi Matrix, as sellers held out for higher prices and buyers waited on lower rates.

Rafi Toledano's bet is on size. The communities Sorrento sold were well-run properties built for an earlier stage of the firm. The proceeds are going into larger garden-style complexes, where on-site staff and amenities are spread across more residents.

Rafi Toledano, founder and CEO of Sorrento Property Group

"Scale isn't about owning more doors for the sake of it," said Rafi Toledano. "It's about the clubhouse renovation, the faster maintenance response, the manager who knows every resident by name."

Tucson: Avani North, $31.5M

The largest of the four sales came out of Tucson. Sorrento sold Avani North, a 325-unit complex at 2660 N. Alvernon Way, to Tower 16 Capital Partners, the investment firm led by Tyler Pruett. The $31.5 million price works out to roughly $96,900 a unit. Chris Canter, an executive managing director at Newmark, represented the seller. Canter, who has worked with Sorrento across a long run of deals, called Rafi Toledano "decisive, deeply engaged."

In his words

"At Avani North, our focus was on creating a community residents could genuinely be proud to call home." - Rafi Toledano

Houston: Holly View Apartments, $31.5M

Holly View Apartments, a 324-unit community in northwest Houston.

The Houston sale matched it dollar for dollar. Accel Equity Group paid $31.5 million for Holly View Apartments, a 324-unit community at 5555 Holly View Drive in the city's northwest, or about $97,200 a door. The property's resort-style pool, landscaped grounds and covered parking fit the resident-first model the firm has built its name on.

In his words

"Our objective at Holly View went well beyond operating the property. We wanted to meaningfully elevate the day-to-day resident experience." - Rafi Toledano

For Rafi Toledano, the trade reflects a philosophy built on active ownership rather than transaction volume alone.

Albuquerque: Playa Del Sol and Pine Park, $10M

In Albuquerque, the firm sold Playa Del Sol and Pine Park Apartments, 58 and 40 units respectively, for a combined $10 million, with Canter again on the assignment. At under 100 units together, the pair is exactly the kind of smaller holding Sorrento has been rotating out of.

In his words

"For Sorrento, that means larger communities where we can invest with purpose, manage closely and make improvements that matter." - Rafi Toledano

Florida: Allaire on 41st Street and The Reserve at Pensacola, $30M

Allaire on 41st Street, an 82-unit community in Pembroke Pines, Florida.

The Reserve at Pensacola, a 91-unit community in Pensacola, Florida.

The Florida trade says the most about the strategy. Sorrento sold two communities for a combined $30 million, roughly $173,400 a unit: the 82-unit Allaire on 41st Street in Pembroke Pines and the 91-unit Reserve at Pensacola in the western Panhandle. The deal pushed the firm's sales past $93 million before Albuquerque was counted, and the announcement also ran on Fidelity.

In his words

"Allaire and The Reserve were exactly the right properties for where we were, and they performed the way we hoped they would." - Rafi Toledano

"Selling them now lets us take everything we've learned running communities of that size and apply it at a bigger scale," Rafi Toledano added.

Next stop: Jacksonville, $60M

Rafi Toledano is quick to say the sales are not an exit from Florida. Sorrento is under contract on two Jacksonville communities totaling 338 units, mostly two- and three-bedroom homes. He told the Jacksonville Business Journal he can share few details before closing, but said the unit mix and amenities, including in-unit washers and dryers, playgrounds and dog parks, drew him to the market.

In his words

"Tenants aren't transient here. They're here to stay." - Rafi Toledano

Rafi Toledano, founder and CEO of Sorrento Property Group

Giving back

Rafi Toledano frames the expansion as more than a capital story. "At Sorrento Property Group, we believe in giving back to every community we invest in," he said. "From our scholarship program at the University of South Florida to our commitment to partner with Habitat for Humanity, we're continuing to expand our efforts to help people build brighter futures."

For Rafi Toledano, the next test is Jacksonville, and the bigger communities that follow it.

Media Contact: [email protected] 212-224-9527

Media Contact: Michael P

SOURCE: Sorrento Property Group

View the original press release on ACCESS Newswire

F.Bennett--AMWN