Sorrento Property Group has completed the sale of Holly View Apartments, a 324-unit garden-style multifamily community in northwest Houston, for $31.5 million. The asset, located at 5555 Holly View Drive, features one- and two-bedroom floor plans along with a resort-style pool, landscaped grounds and covered parking, positioning it as a traditional garden-style offering in the local apartment market.
The buyer in the transaction is Accel Equity Group, which acquired the 324-unit property at a price that equates to roughly $97,222 per unit. On the sell side, Sorrento Property Group was represented by Matt Wideman of Newmark, who handled the disposition assignment on behalf of the seller.
Holly View Apartments adds to a series of recent dispositions for Sorrento Property Group as it actively trades in and out of garden-style communities in multiple states. The firm recently sold Avani North, a 325-unit multifamily community in Tucson, Ariz., for $31.5 million, mirroring the pricing level achieved in the Houston sale. In addition, Sorrento has disposed of two multifamily communities in Florida, located in Pembroke Pines and Pensacola, for a combined $30 million, further underscoring its transactional activity across several markets.
Beyond recent sales, Sorrento Property Group is also pursuing new acquisitions. The company, which operates garden-style communities in 13 states, is expanding its presence in Florida and is currently under contract to acquire $60 million of institutional-quality multifamily assets in Jacksonville, described as the state's most populous city. These pending acquisitions signal continued appetite for scale in Florida and a willingness to recycle capital from completed sales into new investments.
With the sale of Holly View Apartments in Houston, the disposition of Avani North in Tucson, and multiple transactions in Florida, Sorrento Property Group is executing a multistate portfolio strategy focused on garden-style properties. Accel Equity Group's purchase of Holly View positions a new owner in northwest Houston, while Sorrento reallocates proceeds toward its targeted expansion in Jacksonville and other markets where it already maintains an operational footprint.
