First Opportunity Zone Acquisition for Toro Real Estate Partners

JERICHO, N.Y., Nov. 13, 2018 /PRNewswire/ -- Toro Real Estate Partners is excited to announce its first acquisition in a qualified opportunity zone. This property is located in Columbus, OH and consists of 121 units that are completely vacant and have significant deferred maintenance attached to it. With the addition of the 121 units, that brings Toro to roughly 2,500 units in total acquired, with an additional 832 units currently under contract.

John Cohen, one of Toro's Co-Founders, had this to say, "We have been closely following the developing possibilities that surround opportunity zones and have been eager, and yet patient, to find the perfect first deal for us to undertake. We feel that there is going to be an incredible opportunity in this space over the next 3-4 years and we are incredibly happy that we were able to secure this deal before the end of the 2018 calendar year."

Toro feels extremely comfortable with this asset because their total capitalization is well below replacement cost and an identical building sold for a significant premium within the last six months.

"We've really stress tested this deal because of the newness of the rules and regulations surrounding the opportunity zones," said Don DiRenzo, Toro's other Co-Founder. "We wanted to be ultra-comfortable with this deal should we be at point in the cycle where things might start to go in a different direction. We feel that we can spend quality capital to reposition this asset, and it is going to be an incredible vehicle to hold for 10+ years and take full advantage of all the benefits opportunity zones have to offer our investors."

"We are continuing to explore other opportunities that can capitalize on the benefits that opportunity zones have to offer and are looking to have a comprehensive plan in place for Q1 2019," said Cohen. "With the ability to develop new properties or re-develop/overhaul existing properties, but with a longer-term horizon, we feel it fits in better with our companies' priorities and return expectations, rather than the typical short-term timeframes expected with these types of deals. "

Toro was able to acquire this property completely off-market due to its previous experience in the space and their connections within the market and the region. This property represents Toro's 14th purchase since 2015. Toro Real Estate Partners is a private real estate investment firm focused on buying apartment communities throughout the Southeast and Midwest.

For more information, email [email protected] or call John Cohen or Don DiRenzo at 516-268-3500.

Media Contact:

John Cohen

[email protected]

516-268-3500

SOURCE Toro Real Estate Partners