Sorrento Property Group Sells Houston Apartment Community for $31.5 Million
Raphael Toledano, founder and CEO of Sorrento Property Group, has completed the sale of Holly View Apartments, a 324-unit garden-style community in northwest Houston, to Accel Equity Group for $31.5 million. The transaction price averages approximately $97,222 per unit. This sale is part of a broader strategic shift for Sorrento Property Group, which has recently divested over $90 million in assets across Texas, Arizona, and Florida. The firm is pivoting away from smaller holdings to focus on larger-scale communities that allow for more significant capital improvements and operational efficiency. The proceeds from these sales are being reinvested into high-growth markets. Notably, the company is currently in contract to acquire $60 million of institutional-quality multifamily assets in Jacksonville, Florida, while continuing to evaluate large-scale opportunities within the Texas market.