A $31.5 million Tucson apartment sale opened a quarter in which the multifamily investor has sold more than $90 million of property across three states.
TUCSON, Ariz., Oct. 26, 2026 /PRNewswire/ -- For Raphael Toledano, the fourth quarter began with a sale and has scarcely slowed since.
Sorrento Property Group, the New York-based multifamily investment firm Raphael Toledano founded and leads as chief executive, has completed the $31.5 million sale of Avani North, a 325-unit garden-style apartment community at 2660 North Alvernon Way in Tucson. The buyer was Tower 16 Capital Partners, a real estate investment firm led by Tyler Pruett. The price worked out to roughly $96,900 a unit.
Chris Canter, an executive managing director at Newmark, the national commercial real estate advisory firm, represented Sorrento Property Group in the sale.
Sorrento Property Group has also sold Holly View Apartments, a 324-unit community in Houston, for $31.5 million, and two Florida properties, in Pembroke Pines and Pensacola, for a combined $30 million. Avani North is one of several recent Sorrento sales totaling more than $90 million, a brisk pace at a time when transaction activity has slowed across parts of the Sunbelt.
A community, not just an asset
Avani North was one of the larger communities in Sorrento Property Group's portfolio. During its ownership, the firm made targeted capital improvements, invested in amenities and strengthened day-to-day operations.
"At Avani North, our focus was on creating a community residents could genuinely be proud to call home," Raphael Toledano said. "We invested thoughtfully in the property, its amenities and the overall living environment, with the goal of making a measurable difference in the resident experience. When you improve the quality of a community and strengthen the connection between a property and the neighborhood around it, you create value that extends well beyond the financial performance of the asset."
A broker's view
"I've worked with Raphael Toledano and Sorrento Property Group for many years and across a significant number of transactions," Chris Canter said. "Raphael is decisive, deeply engaged and brings a clear understanding of what it takes to execute in the multifamily market. It has been a pleasure working with him and the Sorrento team, and we look forward to continuing that relationship on future transactions."
Why sell now
The logic behind the quarter's activity is concentration. Investors continue to favor garden-style apartments across the Sunbelt, where population growth, relative affordability and long-term demographic trends sustain demand for rental housing. Sorrento Property Group is using that demand to sell properties whose business plans are complete and to focus on larger communities, where scale supports stronger on-site teams and more meaningful reinvestment.
Growth remains a goal for the firm, but a selective one, built around better homes, stronger communities and durable long-term value.
What comes next in Arizona
Arizona remains one of Sorrento Property Group's two priority markets, alongside Florida. The firm plans to keep expanding in Tucson and across the state, pursuing larger garden-style communities where its hands-on approach can be applied at greater scale.
Sorrento is also buying in Florida, where it is in contract to acquire $60 million of institutional-quality multifamily assets in Jacksonville, the state's most populous city.
"This quarter was about putting capital in the right place," Raphael Toledano said. "Arizona is a core market for us, and we expect to grow here. Jacksonville is the next step — larger, institutional-quality communities where we can do the same work for even more residents."
Media Contact
Raphael Toledano
Sorrento Property Group
(212) 224-9527
[email protected]
sorrentoprop.com
linkedin.com/in/raphael-toledano-sorrento
SOURCE Sorrento Property Group
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