Sorrento Property Group Sells $103 Million in Assets to Pivot Strategy
Raphael Toledano sold multiple apartment communities across Florida, Texas, and New Mexico to shift Sorrento Property Group's focus toward larger garden-style multifamily assets.
Founder and CEO Raphael Toledano has executed a series of divestments totaling $103 million this quarter as Sorrento Property Group pivots its investment strategy. The most recent transactions include the $30 million sale of two Florida communities, Allaire on 41st Street in Pembroke Pines and The Reserve at Pensacola, and a $10 million sale of two Albuquerque properties, Playa Del Sol and Pine Park Apartments.
These sales follow the $31.5 million divestment of the 324-unit Holly View Apartments in Houston to Accel Equity Group, as well as the sale of Avani North in Tucson. Toledano is shifting the firm's capital and operating resources away from smaller portfolios toward larger garden-style communities in the Sunbelt. He believes larger assets allow for better distribution of fixed costs, more coordinated maintenance, and more effective on-site staffing.
Toledano stated that the firm's goal at properties like Holly View was to meaningfully raise the quality of residents' day-to-day lives through targeted capital investment. This strategic shift is already underway, with Sorrento Property Group currently in contract to acquire $60 million in multifamily assets in Jacksonville, Florida, to build a portfolio of larger, institutional-quality communities.
