Sorrento Property Group sold Holly View Apartments, a 324-unit garden-style community in northwest Houston, for $31.5 million. Holly View offers one- and two-bedroom floor plans, a resort-style pool, landscaped grounds and covered parking.
The buyer of the property at 5555 Holly View Drive was Accel Equity Group. The price works out to roughly $97,222 per unit. Matt Wideman of Newmark represented Sorrento Property Group, the seller.
Sorrento also recently sold Avani North, a 325-unit community in Tucson, Ariz., for $31.5 million, and two Florida communities, in Pembroke Pines and Pensacola, for a combined $30 million.
Sorrento Property Group operates garden-style communities in 13 states. The firm is expanding in Florida, where it is in contract to acquire $60 million of institutional-quality multifamily assets in Jacksonville, the state’s most populous city.
Wood Partners and Sarofim Realty Advisors are moving forward on Village Park, a 372-unit multifamily community in Charlotte’s Highland Creek and Prosperity Church area. The project is slated to open in May 2028. J.P. Morgan is providing financing. Located at the corner of Prosperity Church and Benfield Roads, Village Park sits immediately next to Prosperity...
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The proposed $6.7-billion takeover of H&R REIT is facing another major obstacle, with influential shareholder advisory firm Institutional Shareholder Services (ISS) urging investors to reject the transaction ahead of a November 13 vote. The recommendation adds to growing opposition to a deal that would break up one of Canada’s largest real estate investment trusts, transferring...
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Newmark has arranged the $108 million sale of Bainbridge Midlothian, a 310-unit multifamily community located in Midlothian, Virginia. Frontier Group of Companies acquired the property from a joint venture between The Bainbridge Companies and BVT National Partners, marking the buyer’s first multifamily acquisition in Virginia. “In today’s capital markets environment, the sale of Bainbridge Midlothian...
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