SC Apartment Community Scores $22M
- Nov 23, 2016
Greenville, S.C.—Toro Real Estate Partners has announced the purchase of Enclave Grandview apartment community, located in Simpsonville, S.C. The property marks the firm’s second acquisition in Greenville and will operate under the name Stillwater at Grandview Cove. According to Yardi Matrix data, the property traded for $22 million and was sold by McCall Capital.
“We’re really excited about the opportunity to acquire our 2nd property in the Greenville market. This property is a great compliment to the 200 units we closed in May. Both properties are in great locations and our vision on the market is more long-term. Greenville has some really exciting stuff going on that tenants and investors alike are really attracted to,” John Cohen, co-founder of Toro Real Estate Partners, said in prepared remarks.
Located at 3714 Grandview Drive, the 240-unit property features a fitness center, community room, pool and 337 parking stalls, among other amenities.
“This property in particular was exactly what we look to acquire in an asset. It’s located in a growing market, has stability, and plenty of room to grow.,” added Cohen. “We are going to capitalize on interior upgrades, light exterior amenity improvements and operational improvements. That has been our strategy and what all our investors are constantly looking for.”
Ryan Duff, an originator with Arbor Commercial, secured a $16.5 million, 12-year Fannie Mae loan on behalf of Toro Real Estate Partners, according to Yardi Matrix data. They used a 1031 exchange and private capital for the equity side of the transaction.
The deal brings the company’s portfolio to 1,200 units across the Southeast and Midwest with more than $70 million in managed assets.
Image courtesy of enclavegrandview.com