NEW YORK, NY / ACCESS Newswire / October 2, 2026 / Sorrento Property Group , founded and led by CEO Raphael Toledano , has completed the $31.5 million sale of Avani North, a 325-unit garden-style multifamily community in Tucson, Arizona, to Tower 16 Capital Partners, marking another step in the firm's disciplined portfolio strategy.

Located at 2660 N. Alvernon Way, Avani North is one of the larger garden-style communities in Sorrento Property Group's portfolio and traded for approximately $96,900 per unit.

Tower 16 Capital Partners, led by Tyler Pruett, acquired the property from Sorrento Property Group. Chris Canter, Executive Managing Director of Newmark brokered the transaction on behalf of the seller.

For Raphael Toledano , founder and CEO of Sorrento Property Group , the transaction represents the successful completion of an investment strategy centered on active ownership, targeted capital improvements and the long-term quality of the resident experience. During its ownership, the firm focused on strengthening the property while reinforcing the view that multifamily communities are not simply financial assets, but places where residents build their daily lives.

That perspective continues to shape how Toledano and Sorrento Property Group evaluate, operate and invest in communities across the firm's portfolio.

"At Avani North, our focus was on creating a community residents could genuinely be proud to call home," said Raphael Toledano, founder and CEO of Sorrento Property Group. "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."

Creating Long-Term Value Through Responsible Ownership

The transaction comes as investors continue to focus on garden-style multifamily communities across the Sunbelt, where population growth, housing affordability and long-term demographic trends continue to support demand for quality rental housing. For Raphael Toledano and Sorrento Property Group, however, the investment strategy extends beyond identifying attractive acquisitions.

The firm seeks opportunities where active ownership, operational improvements and long-term stewardship can enhance the resident experience while supporting durable value for investors.

That philosophy influences decisions ranging from acquisitions and capital improvements to day-to-day property operations. Under Toledano's leadership, Sorrento Property Group has emphasized well-maintained communities, responsive management and carefully selected improvements intended to benefit residents, strengthen the surrounding neighborhood and support the long-term performance of each asset.

Looking Ahead

The Avani North sale reflects the continued evolution of Sorrento Property Group under founder and CEO Raphael Toledano toward larger multifamily communities where scale can support operational excellence, thoughtful capital investment and disciplined ownership. As the firm expands across high-growth Sunbelt markets, Toledano remains focused on communities where active management and strategic improvements can strengthen both the resident experience and the long-term competitive position of the property.

Growth remains an important objective, but the broader strategy is selective: building a respected multifamily platform around better homes, stronger communities and sustainable long-term value.

"I've worked with Raphael Toledano and Sorrento Property Group for many years and across a significant number of transactions," said Chris Canter, Executive Managing Director of Newmark. "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."

About Sorrento Property Group

Sorrento Property Group is a privately held real estate investment and operating company founded by CEO Raphael Toledano . With approximately $1.4 billion in real estate transactions across 11 states and more than 4,300 residential units , Sorrento focuses primarily on multifamily communities in growth markets across the United States.

Sorrento takes a disciplined, hands-on approach to real estate investing , identifying opportunities where strong market fundamentals, attractive basis, strategic capital improvements, and operational expertise can create meaningful long-term value. From acquisition and financing through renovation, asset management, and disposition, the company focuses on improving both property performance and the resident experience.

Sorrento's mission is simple: Creating better homes. Building stronger communities.

Contact Information:

info@sorrentoprop.com

SOURCE: Sorrento Property Group