Toro Real Estate Nabs SC Apartments
The 160-unit property brings the firm’s area footprint to 600 units.
North Charleston, S.C.—To kick off the new year, Toro Real Estate Partners has announced the purchase of Hampton Oaks in North Charleston, S.C. The 160-unit apartment community is the third asset the company has purchased in the past eight months, bringing the firm’s South Carolina portfolio to 600 units. Hampton Oaks will operate under a new name, Bradley Square.
“We’re extremely excited to land another property in the Charleston market. 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,” John Cohen, co-founder of Toro Real Estate Partners, said.
Located at 6600 Rivers Ave., the property offers one- and two-bedroom units with amenities including a fitness center, business center, swimming pool and 254 parking stalls. Toro Real Estate intends to undergo extensive interior and exterior renovations to the newly acquired property.
“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. We are constantly looking for ways to capitalize on a property and this one checked all the boxes for us,” Cohen added.
Ryan Duff of Arbor Commercial closed a 12-year Fannie Mae loan on behalf of Toro Real Estate, using a 1031 and private capital for the equity side of the transaction. The deal marks the ninth apartment purchased by the company in the last two years, bringing the firm’s portfolio to more than 1,300 units.
Image courtesy of hamptonoaksapartments.net