October 28, 2026 • Real Estate
Avani North Apartments Sell for $31.5 Million in Tucson
A 325-unit apartment community on Alvernon Way has sold for $31.5 million — the second sizable Tucson multifamily trade in as many weeks, and another sign that out-of-state buyers are still willing to pay for scale in Tucson's rental market.
By Marisol Rodriguez, editor & host of TucsonBound
What happened
Sorrento Property Group, the New York-based multifamily firm led by Rafi Toledano, has sold Avani North, a 325-unit community at 2660 N. Alvernon Way, to Tower 16 Capital Partners for $31.5 million — roughly $96,900 per unit. The sale was announced October 27, 2026, as the largest of four dispositions totaling $103 million that Sorrento has closed this year across Arizona, Texas, New Mexico, and Florida. Chris Canter, an executive managing director at Newmark, represented the seller.
The context matters: U.S. multifamily sales volume is down 10.7% from a year earlier, according to Yardi Matrix figures cited in the announcement, as sellers held out for higher prices and buyers waited on lower rates. Against that thin national market, Tucson trades keep printing — this one follows the $18.05 million sale of The Place at 2120 on the west side earlier this month.
Why it matters for movers and renters
When institutional buyers pay near $97,000 a door for a large Tucson community, they are betting on durable rental demand — the same demand that keeps Tucson rents firmer than the "cooling market" headlines suggest. For people moving to Tucson who plan to rent first, deals like this usually mean continued investment in big, professionally managed communities along the Alvernon corridor rather than rent collapses. For homeowners nearby, a well-capitalized new owner is generally better news than a distressed sale: Sorrento's stated model, which Tower 16's purchase price implies it shares, is to invest in amenities and on-site management at scale.
It also reinforces the pattern in our monthly market report: Tucson's for-sale market is negotiating, but its rental fundamentals — affordability relative to Phoenix, a diversified employer base, and steady in-migration — keep drawing outside capital.
Source: MENAFN / ACCESS Newswire — Sorrento Property Group disposition announcement (Oct. 27, 2026).