Sorrento Offloads 324-Unit Houston Apartment Community

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.