Sorrento Property Group has sold two Florida apartment communities for a combined $30 million, bringing its reported property sales for the quarter to about $93 million. The New York-based firm says it plans to shift capital toward larger garden-style communities, where it expects to spread operating costs and property improvements across more apartments.
Key takeaways
Sorrento’s latest sales involve 173 apartments in two distinct Florida markets. The firm says its broader strategy is to move toward larger properties while continuing to pursue investments in the state.
- Allaire on 41st Street in Pembroke Pines has 82 units; The Reserve at Pensacola has 91.
- The two properties sold for about $173,410 per unit on average.
- Sales of the Florida properties, plus two communities in Arizona and Texas, totaled about $93 million for the quarter.
Two communities sold in different Florida markets
Allaire on 41st Street is in Pembroke Pines, in Broward County between Miami and Fort Lauderdale. The Reserve at Pensacola is in the western Panhandle, where the local military presence—including Naval Air Station Pensacola—contributes to the region’s employment base and housing demand.
Sorrento described both properties as performing well, but said their unit counts made them suitable to sell as it pursues larger assets. The company did not disclose the buyers or the individual sale prices.
A shift toward larger properties
Founder and CEO Raphael Toledano said the firm intends to apply its operating experience at a larger scale. Larger communities can spread expenses such as on-site management and maintenance staffing across more units, potentially allowing owners to support additional amenities and upgrades, the company said.
Sorrento focuses on garden-style apartments and says its approach combines active management with investment in property operations and resident-facing facilities. The firm has not disclosed occupancy, rental revenue or operating income for the Florida communities.
Quarterly sales and Florida plans
The $30 million Florida transaction follows Sorrento’s reported sales of Avani North, a 325-unit community in Tucson, Arizona, for $31.5 million, and Holly View Apartments, a 324-unit property in northwest Houston, for $31.5 million. Together, the three transactions cover four communities and 822 apartments.
Sorrento is also under contract to acquire about $60 million in multifamily properties in Jacksonville, according to one report. The firm has not announced the properties’ names, unit counts or an expected closing date. The proposed acquisition is separate from the quarter’s completed sales and signals that Florida remains part of the company’s investment plans.