The Albany Gazette - Raphael Toledano Sells Two Florida Apartment Communities for $30 Million to Focus on Larger Properties

PEMBROKE PINES, FL / ACCESS Newswire / October 22, 2026 / Raphael Toledano, founder and CEO of Sorrento Property Group, has sold two Florida apartment communities, Allaire on 41st Street in Pembroke Pines and The Reserve at Pensacola, for a combined $30 million. The sale marks the firm's move into a larger class of property, with the proceeds directed toward bigger garden-style communities across the Sunbelt.

At 82 and 91 units, respectively, both were well-run, well-located communities that helped build the firm's track record under Toledano. Together they total 173 units and traded at roughly $173,410 per unit, in line with recent pricing for comparable suburban garden-style assets in Florida. With both communities performing well, Toledano saw the timing as right to put that capital to work in larger opportunities.

"Allaire and The Reserve were the right properties for where we were, and they performed the way we hoped they would," said Raphael Toledano. "Selling them now lets us take what we learned running communities of that size and apply it at a larger scale, where a full on-site team and meaningful amenity upgrades can reach even more residents."

The Deal 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 larger garden-style communities in growing Sunbelt markets

Two Markets, Two Strong Communities

The two properties sit at opposite ends of the state, in very different markets. In Pembroke Pines, Allaire on 41st Street drew steady demand from Broward County renters who wanted more space while staying close to South Florida's job 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 the firm's growth. With its operating approach now proven at that scale, Toledano is bringing it to larger communities. With $1.4 billion in acquisitions across 13 states, the firm is building on that experience as it pursues larger garden-style communities in growing Sunbelt markets.

Why Scale Matters

In larger communities, fixed costs such as on-site management, maintenance staffing and amenities are shared across many more residents. That efficiency frees up capital for the improvements residents use every day, which is the model Toledano 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, Toledano will favor depth over breadth: fewer, larger communities in growing Sunbelt markets, where strong operations and steady reinvestment can build value for residents and investment partners over the long term.

About Sorrento Property Group

Sorrento Property Group is a privately held multifamily real estate investment and operating company founded by CEO Raphael Toledano. With $1.4 billion in acquisitions and 4,000+ units across 13 states, the firm acquires and repositions garden-style apartment communities in growing markets across the United States, combining disciplined investment with hands-on operations to create better homes and stronger communities.

Follow Raphael Toledano on LinkedIn.

Media Contact

Sorrento Property Group
[email protected]
(212) 224-9527
sorrentoprop.com

SOURCE: Sorrento Property Group

View the original press release on ACCESS Newswire

(M.Scott--TAG)