A 160-unit apartment complex in North Charleston has changed hands and will be rebranded by its new owner.
Hampton Oaks, located at 6600 Rivers Ave., was sold by Atlanta-based QR Capital to New York-based Toro Real Estate Partners LLC for $12.775 million, according to a news release from Berkadia, which brokered the sale Jan. 6.
“With over a dozen offers generated on this asset and a purchase price at roughly $80,000 per unit, it’s easy to see that demand for Charleston assets remains strong,” Mark Boyce, senior director at Berkadia, said in the news release.
Built in 1971, Hampton Oaks sits on 7.7 acres and includes eight buildings with 48 one-bedroom units and 112 two-bedroom units. The average unit size is 820 square feet, the news release said.
Toro Real Estate Partners has now bought three S.C. properties with upward of 600 units in the past eight months. The company's apartment portfolio includes more than 1,300 units, the company said in a separate news release. The company's online portfolio shows the 80-unit The Forest at Fenwick on Johns Island, purchased in March of last year, as well as two complexes in the Upstate.
“We’re extremely excited to land another property in the Charleston market,” Toro co-founder John Cohen said in the news release. “The location of this property in North Charleston is excellent, and we feel that this submarket 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.”
Toro plans to rebrand Hampton Oaks as Bradley Square and do some interior, exterior, amenity and operations upgrades, the news release said.