Sorrento Sells Houston Apartments for $31.5m
Holly View Apartments sale sees Sorrento Property Group sell its 324-unit Houston community for $31.5 million.
Raphael Toledano, founder and chief executive of Sorrento Property Group, has sold Holly View Apartments, a 324-unit garden-style community in northwest Houston, for $31.5 million. Accel Equity Group was the buyer of the property at 5555 Holly View Drive, with the price equating to roughly $97,222 per unit. The transaction is one of three recent Sorrento Property Group deals worth more than $90 million. Matt Wideman of Newmark represented the seller.
Houston Community Sale
Holly View Apartments offers one and two-bedroom floor plans, a resort-style pool, landscaped grounds and covered parking. The community sits in Houston’s Northwest submarket, with access to major employment centres, shopping and recreation.
Raphael Toledano, Founder and Chief Executive at Sorrento Property Group, said:
“Holly View was an exceptional property, and this transaction reflects both the strength of the Houston market and everything we built there.”
Larger Property Focus
Sorrento Property Group also sold Avani North, a 325-unit community in Tucson, Ariz., for $31.5 million, alongside two Florida communities in Pembroke Pines and Pensacola for a combined $30 million. The proceeds are earmarked for larger communities, where scale supports stronger on-site teams and more meaningful capital improvements.
The New York-based firm owns and operates garden-style communities in 13 states and has said it will favour fewer, larger properties in high-growth markets over a broad collection of smaller ones.
Raphael Toledano the founder and chief executive of Sorrento Property Group.
Texas And Florida Plans
Sorrento Property Group intends to continue evaluating larger garden-style communities in Houston and other fast-growing Texas metropolitan areas. The firm is also in contract to acquire $60 million of institutional-quality multifamily assets in Jacksonville, Florida.
Raphael Toledano, Founder and Chief Executive at Sorrento Property Group, said:
“Texas taught us a great deal, and we intend to keep growing here.”
