Tower 16 Capital Partners acquires the garden-style community at 2660 N. Alvernon Way as Toledano concentrates on larger multifamily communities across the Sunbelt
NEW YORK, NY / ACCESS Newswire / October 22, 2026 / Raphael Toledano, founder and CEO of Sorrento Property Group, has completed the $31.5 million sale of Avani North, a 325-unit garden-style apartment community at 2660 N. Alvernon Way in Tucson, Arizona. The buyer was Tower 16 Capital Partners, led by Tyler Pruett, and the property traded for approximately $96,900 per unit.
Avani North was one of the larger garden-style communities in the portfolio Toledano has built. Chris Canter, Executive Managing Director of Newmark, brokered the transaction on behalf of the seller.
More Than a Financial Asset
Toledano views the sale as the successful completion of a strategy built on active ownership, targeted capital improvements and the long-term quality of residents' lives. Throughout the firm's ownership, the work centered on strengthening the property, guided by his view that apartment communities are not simply financial assets but places where people build their daily lives. That perspective continues to shape how he evaluates, operates and invests across the portfolio.
"At Avani North, our focus was on building a community residents could truly be proud to call home," said Raphael Toledano. "We invested carefully in the property, its amenities and the overall living environment, with the goal of making a measurable difference for residents. When you raise the quality of a community and strengthen its connection to the neighborhood around it, you create value that reaches well beyond the financial performance of the asset."
Responsible Ownership in the Sunbelt
Investors continue to focus on garden-style communities across the Sunbelt, where population growth, housing affordability and long-term demographic trends support demand for quality rental housing. For Toledano, though, the strategy goes beyond finding attractive acquisitions. He pursues opportunities where active ownership, operational improvements and long-term stewardship can enhance the resident experience while supporting durable value for investors.
That philosophy guides decisions from acquisitions and capital improvements to day-to-day operations. Under Toledano's leadership, the firm has emphasized well-maintained communities, responsive management and carefully chosen improvements that benefit residents, strengthen the surrounding neighborhood and support the long-term performance of each property.
What Comes Next
The sale reflects the firm's continued evolution under Toledano toward larger communities, where scale supports operational excellence, thoughtful capital investment and disciplined ownership. As it expands across high-growth Sunbelt markets, he remains focused on properties where active management and strategic improvements can strengthen both the resident experience and the property's long-term competitive position. Growth matters, but the strategy is selective: a respected multifamily platform built on better homes, stronger communities and sustainable long-term value.
"Raphael Toledano and I have worked together for many years and across a significant number of transactions," said Chris Canter, Executive Managing Director of Newmark. "He is decisive, deeply engaged and understands exactly what it takes to execute in the multifamily market. It has been a pleasure working with Raphael and his team, and we look forward to continuing that relationship on future deals."
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
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SOURCE: Sorrento Property Group
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/real-estate/raphael-toledano-completes-31.5-million-sale-of-325-unit-avani-north-in-tucson-1240159
