Toro Real Estate Partners, a Syosset-based real estate investment firm specializing in apartments in the Southeast and Midwest, has spent $12.6 million on an apartment complex, its first acquisition of the year, a company official said.
The company purchased Hampton Oaks, a 160-unit apartment complex in North Charleston, South Carolina. The purchase marks Toro’s third South Carolina apartment buy in the past eight months, and its ninth apartment purchase in two years, making for a total of 1,300 units.
The company plans to make investments in the site — soon to be named Bradley Square — to increase investment returns.
“The plan is just to capitalize on the market,” said John Cohen, co-founder of Toro Real Estate. The firm plans to spend around $550,000 on improvements to the property’s interior and exterior. “The location in North Charleston was just superior to almost anything in the area,” he said.
Toro currently holds more than $85 million in managed assets, and plans to make an additional $100 million in purchases in the next 12 to 18 months.
Toro completed the purchase Friday.