Toro Real Estate Partners Acquires Its First Property of 2017
SYOSSET, N.Y., Jan. 10, 2017 /PRNewswire/ -- Toro Real Estate Partners is excited to announce its first acquisition in 2017. Toro recently acquired 160 units in North Charleston, SC with its purchase of Hampton Oaks (soon to be Bradley Square). With this addition of the 160 units, Toro has acquired 3 properties for a total of 600 units in South Carolina, all within the past 8 months.
Toro Real Estate partners closed on a 12-year Fannie Mae Loan, arranged through Ryan Duff at Arbor Commercial. They used a 1031 and private capital for the equity side of the transaction.
This property represents its 9th apartment purchase for Toro in the last two years and brings their portfolio to over 1,300 units. Toro Real Estate Partners is a private real estate investment firm focused on buying apartment communities throughout the Southeast and Midwest.
"We're extremely excited to land another property in the Charleston market," said John Cohen, co-founder of Toro Real Estate Partners. "The location of this property in North Charleston is excellent and we feel that this sub-market is experiencing amazing growth that we can take advantage of over the next 10 years. Charleston has some very exciting things occurring and we feel still has plenty of growth left."
"We are looking to capitalize on interior upgrades, light exterior and amenity upgrades and improve operations at the property. We have a proven track record in these areas and it's what our investors like to see," Cohen supplied. "We are constantly looking for ways to capitalize on a property and this one checked all the boxes for us."
Toro REP acquired the property on January 6th. Toro is committed to providing above market returns for its investors while also creating modern living facilities for working families. Toro specializes in finding value-add properties in emerging markets, with strong economic indicators and mitigated risk.
Toro REP currently owns over 1,300 units across the Southeast and Midwest with over $85 million in managed assets. Toro REP is targeting an additional $100 million in acquisitions in the following 12-18 months.
For more information, visit www.tororep.com, or contact John Cohen at 516-268-3500.
SOURCE Toro Real Estate Partners
Share this article