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Sorrento Property Group Sells Two Florida Communities for $30 Million as It Moves Up to 150-Plus-Unit Properties
Sorrento Property Group Sells Two Florida Communities for $30 Million as It Moves Up to 150-Plus-Unit Properties
The sale of two high-performing communities of 82 and 91 units marks the firm's next stage of growth, as Sorrento sharpens its focus on garden-style properties of 150 units or more across the Sunbelt
PEMBROKE PINES, FL / ACCESS Newswire / October 14, 2026 / Sorrento Property Group has sold Allaire on 41st Street in Pembroke Pines and The Reserve at Pensacola for a combined $30 million, a milestone that marks the firm's move into a larger class of property. At 82 and 91 units respectively, both were well-run, well-located communities that helped build Sorrento's track record. The proceeds will now go toward communities of 150 units or more, the scale at which the firm plans its next phase of growth.
TRANSACTION AT A GLANCE
- Combined sale price: $30 million
- Allaire on 41st Street - 82 units, Pembroke Pines, Florida
- The Reserve at Pensacola - 91 units, Pensacola, Florida
- Total: 173 units at approximately $173,410 per unit
- Proceeds directed toward the firm's 150-plus-unit growth strategy
- Next: garden-style communities of 150+ units in growing Sunbelt markets
The transaction totals 173 units and works out to roughly $173,410 per unit, in line with recent pricing for comparable suburban garden-style assets in Florida. With both communities performing well, the firm saw the timing as right to put that capital to work in larger opportunities.
"Allaire and The Reserve were exactly the right properties for where we were, and they performed the way we hoped they would," said Raphael Toledano, founder and CEO of Sorrento Property Group. "Selling them now lets us take everything we've learned running communities of that size and apply it at a bigger scale - 150 units and up, where a full on-site team and meaningful amenity upgrades can reach even more residents."
TWO STRONG COMMUNITIES
The two communities sit at opposite ends of the state and in very different markets. In Pembroke Pines, Allaire on 41st Street drew steady demand from Broward County renters looking for more room without moving away from South Florida's employment centers. In the western Panhandle, The Reserve at Pensacola benefited from population growth and the region's large military presence, which together keep demand for quality rental housing consistent.
Both communities were sized for an earlier stage of Sorrento's growth. With its operating approach now proven at that scale, the firm is positioned to bring it to larger communities across the Sunbelt. With $1.4 billion in acquisitions and operations across 13 states, Sorrento is building on that experience as it pursues larger garden-style communities in growing Sunbelt markets.
THE CASE FOR SCALE
In larger garden-style communities, fixed costs such as on-site management, maintenance staffing and amenities are spread across far more residents. That efficiency frees up capital for improvements residents use every day, which is the core of the model Sorrento plans to build on.
"Scale isn't about owning more doors for the sake of it," Toledano said. "It's about the clubhouse renovation, the faster maintenance response, the manager who knows every resident by name - and making sure each of those reaches as many residents as possible."
Going forward, the firm will favor depth over breadth: fewer, larger communities in growing Sunbelt markets, where better operations and steady reinvestment can build value for residents and investment partners over the long term.
Raphael Toledano, founder and CEO of Sorrento Property Group
ABOUT SORRENTO PROPERTY GROUP
Founded in 2019 by Raphael Toledano, Sorrento Property Group is a multifamily real estate investment firm focused on acquiring and repositioning garden-style apartment communities in growing markets across the United States. The firm targets well-located properties with untapped potential and invests in the improvements that make them better places to live. Learn more at sorrentoprop.com.
MEDIA CONTACT
[email protected]
(212) 224-9527
sorrentoprop.com
LinkedIn: https://www.linkedin.com/in/raphael-rafi-toledano/
SOURCE: Sorrento Property Group
View the original press release on ACCESS Newswire
(M.Scott--TAG)
