Rafi Toledano's Sorrento Property Group Sells Two Albuquerque Apartment Communities for $10 Million
Rafi Toledano, Founder and CEO of Sorrento Property Group
Rafi Toledano, Founder and CEO of Sorrento Property Group
Sale of the 98-unit Playa Del Sol and Pine Park portfolio supports the firm's focus on larger garden-style apartment communities
Transaction Details
Playa Del Sol, located at 444 Florida Street SE, contains 58 apartments. Pine Park Apartments, located at 8201 Marquette Avenue NE, contains 40. The 98-unit portfolio traded at a blended price of approximately $102,000 per unit. Chris Canter, Executive Managing Director at Newmark, represented the seller.
Strategy Behind the Sale
The sale is part of Sorrento Property Group's strategy to concentrate capital and management resources on larger garden-style apartment communities. At 58 and 40 units, the Albuquerque properties were smaller than the communities the firm currently targets.
“A portfolio should reflect conviction,” said Rafi Toledano, founder and CEO of Sorrento Property Group. “For us, that means larger communities where we can invest with purpose, manage closely and make improvements that matter.”
According to Toledano, the results of that approach should be visible to residents in the condition of their homes, the reliability of maintenance and the care given to the community.
Larger communities allow maintenance, management and resident services to be organized more efficiently, and make it easier to coordinate improvements to buildings, common areas and amenities. Toledano noted that size alone does not determine an acquisition. The firm looks for properties where a clear operating plan and targeted capital investment can meet a community's needs over time, and where improvements serve a practical purpose that day-to-day operations can sustain.
Chris Canter, Executive Managing Director at Newmark, who has worked with Toledano on numerous transactions, said the Albuquerque sale reflected Sorrento Property Group's clear investment conviction and its close engagement through execution.
About Sorrento Property Group
Sorrento Property Group is a privately held multifamily real estate investment and operating company founded by CEO Rafi Toledano. 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. Learn more at sorrentoprop.com.
Michael P.
Sorrento Property Group
+1 212-224-9527
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