SYOSSET, N.Y., Aug. 2, 2017 /PRNewswire/ — Toro Real Estate Partners, a private real estate investment firm focused on buying apartment communities throughout the Southeast and Midwest, is excited to announce the acquisition of two additional properties. The first is Orleans Place, a completely vacant 338 unit in Mobile, AL. The second, a 72 unit, 156 bed ground up student housing development across from the entrance to Austin Peay State University in Clarksville, TN. Toro principal Don DiRenzo said one of the main attractions for the student housing development was the strong demand for student housing in the Clarksville area. “There is no true student housing in the area,” DiRenzo said. “The school has been putting students up in hotels.” Toro’s second property in Mobile, is especially attractive to the firm for a couple of reasons. Toro’s other principal, John Cohen, talked a lot about the market and the total cost of the project. “We like the Mobile market as we feel it can be poised to grow and do some nice things,” said Cohen, “but even if it doesn’t grow like we think it can, we’re paying well below replacement cost of new construction in the area that we know the project can produce great returns.”
Within the last twelve months Toro has acquired five multifamily apartments at a cost of approximately $75 million with an additional $50-$75 Million in their pipeline. These 2 new acquisitions increase Toro’s units under management to 1,010 units, and the total value of all properties under management to over one hundred million ($100,000,000).
For more information, email firstname.lastname@example.org or call John Cohen or Don DiRenzo at 516-268-3500.
SOURCE Toro Real Estate Partners