Toro Real Estate Partners has acquired Greenville, South Carolina-based apartment complex Enclave Grandview. No financial terms were disclosed.
SYOSSET, N.Y., Nov. 22, 2016 /PRNewswire/ — Toro Real Estate Partners is excited to announce its second acquisition in Greenville, SC in less than 6 months. Toro REP recently acquired Enclave Grandview (soon to be Stillwater at Grandview Cove), a 240 Unit garden style apartment complex located in the Simpsonville submarket. With the addition of the 240 Unit property, Toro is now up to 440 units in the immediate area, all within the past 6 months.
This acquisition represents its 8th apartment purchase for Toro in the last 2 years and brings their portfolio to nearly 1,200 units. Toro Real Estate Partners is a private real estate investment firm focused on buying apartment communities throughout the Southeast and Midwest.
Toro Real Estate Partners closed 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.
“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,” said John Cohen, co-founder of Toro Real Estate Partners. “Greenville has some really exciting stuff going on that tenants and investors alike are really attracted to.”
Toro Real Estate Partners acquired the property on November 16. Toro REP 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.
“This property in particular was exactly what we look to acquire in an asset,” Cohen added. “It’s located in a growing market, has stability, and plenty of room to grow. 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.”
Toro REP currently owns 1,200 units across the Southeast and Midwest with over $70 million in managed assets. Toro REP is looking to target $100M worth of acquisitions in the next 12-24 months.
For more information, visit www.tororep.com, or contact John Cohen at 516-268-3500.