Sorrento Property Group completes the sale of Avani North as part of its long-term strategy of investing in and operating high-quality multifamily communities across the Sunbelt.
Sorrento Property Group, led by founder and CEO Raphael Toledano, who is also known as Rafi Toledano, has sold Avani North, a 325-unit multifamily community in Tucson, Arizona, for $31.5 million to Tower 16 Capital Partners, marking another milestone in the company’s disciplined portfolio strategy.
Located at 2660 N. Alvernon Way, the property represents one of Sorrento Property Group’s larger garden-style communities 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 of Newmark brokered the transaction on behalf of the seller.
For Sorrento Property Group, the transaction reflects the successful completion of an investment centered not only on ownership but also on enhancing the long-term quality of the community. Throughout its ownership, the company focused on strengthening the property through thoughtful improvements while maintaining its broader philosophy that multifamily communities are more than investments.
They are places people call home. That perspective continues to shape how Sorrento evaluates, operates, and manages every property within its portfolio.
“We were extremely satisfied with what we were able to accomplish at Avani North,” Rafi said. “Our objective when we acquire a community is not just to improve the economics of the property. It’s to meaningfully improve the quality of the housing and the experience of the people who live there. We believe those two things go hand in hand. When you invest in the community and provide residents with a better place to call home, you ultimately create a stronger and more valuable 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. While market conditions remain favorable, Sorrento Property Group’s investment strategy extends beyond identifying attractive acquisitions.
The company seeks opportunities where active ownership, operational improvements, and long-term stewardship can create meaningful benefits for residents while also generating sustainable value for investors.
This philosophy influences everything from acquisition decisions to capital improvements and day-to-day property management. Rather than measuring success solely by financial performance, Sorrento believes lasting value is created when residents experience cleaner, safer, and better-maintained communities that contribute positively to the surrounding neighborhood.
Looking Ahead
The Avani North sale reflects Sorrento Property Group’s continued evolution toward larger multifamily communities where greater scale supports operational excellence, thoughtful investment, and long-term ownership. As Rafi continues expanding the company’s presence across high-growth markets, Sorrento remains focused on acquiring communities where responsible ownership and strategic improvements can strengthen both the resident experience and the long-term performance of the property.
Growth remains an important objective, but the company’s broader mission is to build a respected multifamily platform recognized for creating better homes, stronger communities, and sustainable value for its partners.
