Sorrento Property Group Sells Two Florida Apartment Communities for $30 Million
Sorrento Property Group, led by CEO Raphael Toledano, has completed the sale of two Florida apartment communities—Allaire on 41st Street in Pembroke Pines and The Reserve at Pensacola—for a combined $30 million. This transaction brings the firm's total sales for the current quarter to $93 million, following recent divestments in Arizona and Texas. The company is utilizing the proceeds from these smaller garden-style properties to pivot toward larger multifamily assets. By scaling up, Sorrento aims to achieve better operational efficiencies through economies of scale, allowing for more significant amenity upgrades and professionalized on-site management. Despite the sales, the firm remains committed to the Florida market. Sorrento Property Group is currently in contract to acquire $60 million worth of institutional-quality multifamily assets in Jacksonville, targeting the city's robust population growth and diverse employment sectors.
Topics: apartment sales property divestment real estate transactions
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