JACKSONVILLE, FL – Toro Real Estate Partners announced its third, fourth and fifth acquisitions in Jacksonville, FL; Whispering Oaks, Highlander Apartments, and River City Landing. Two of the three properties were bought off-market and the third was sourced through Dhaval Patel at Walker & Dunlop. This addition of the 552 units increases our units in the Jacksonville Market to 756 and total units bought nationwide to more than 3,100.

John Cohen, one of Toro’s Co-Founders, had this to say, “Jacksonville is an exciting market that we are looking to continue to grow in and buy a sizeable portfolio to hold for the next 3-7 years. With its brilliant population growth, low unemployment and positive ratio for supply and demand, we see Jacksonville as a market we want to be in for the foreseeable future in the multifamily space.”

Toro secured the properties for just under $39 million and is implementing a value-add strategy for roughly $4,000,000. This is a combination of exterior/amenity enhancements, rebranding and interior improvements. 

“These deals were very attractive for us because they provide fantastic economies of scale, with a business plot we have executed on in the past,” said Don DiRenzo, Toro’s other Co-Founder. “Our underwriting was conservative. The business plot improves the property, but still leaves a ton of meat on the bones for exit in 3 to 5 years or refinance for a longer hold.”

“We were fortunate that our Jacksonville Manager Lofty Asset Management, was already managing two of the properties, as well as a direct competitor of the third. Their intimate knowledge of the market and insight into the actual operations of the property provide a tremendous bonus to underwriting and our business plot.”

Toro used Ben Weddington at CBRE for two Freddie Small Balance loans for Whispering Oaks and Highlander, while Jeremy Nussbaum at Walker & Dunlop secured the loan for River City Landing. Toro plans to use Lisa Massis at Lofty Asset Management to manage all three assets along with their other two properties. Toro was able to raise roughly $17 million in equity for these deals, roughly one third coming from Toro’s principals.

These properties represent Toro’s 15th, 16th, and 17th buy since 2015. Toro Real Estate Partners is a private real estate investment firm focused on buying apartment communities throughout the Southeast and Midwest.

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DALLAS, TX – AMTEX announces the completion of more than one thousand rental apartment units in Texas, with more than 2,700 more apartments either currently under construction or to be developed over the next few years. 

Campus Apartments is AMTEX Multi-Housing’s newest affordable apartment community to be completed. Located at 4651 Campus Drive in Fort Worth, Campus Apartments offers 224 units for individuals and families in the low-, moderate- and market-income ranges. AMTEX Construction, LLC, served as the master subcontractor for this newly completed community.

Next to be finished will be AMCAL Equities’ luxury apartment project overlooking gorgeous Lake Ray Hubbard that is set to open in November providing 228 new luxury rental apartments. Located 20 miles northeast of Dallas in Rockwall, Texas, The Florence at the Harbor will offer residents sweeping lake views and simple access to local businesses, services and destinations including the award-winning Harbor District, Downtown Rockwall, and the lifestyle attractions in neighboring Dallas, Plano, and Richardson. 

AMTEX Multi-Housing has 10 more projects in the works with more than 2,700 apartments to be developed in Fort Worth, Austin, Garland, and Houston. AMTEX has already completed six affordable apartment communities in Houston, Fort Worth and Denison.

“We’re excited to be bringing so many new apartment home choices to residents in several Texas communities,” said AMTEX President Arjun Nagarkatti. “Attractive homes for both lower-income residents and those who want more deluxe residence choices are finding superb options with AMTEX apartment homes.

“AMTEX will be starting construction on a new luxury apartment home project in North Fort Worth in July. The residences at these properties will represent the best in luxury living, offering the lifestyle and service amenity options that people who lease luxury apartment homes have come to expect,” said Nagarkatti.

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NASHVILLE, TN – Mission Rock Residential, a Denver-based property management company, is continuing to expand its presence in the eastern United States, announced two new management contracts for the Post Ridge Apartments and the 865 Bellevue apartment community, both located in Nashville, Tennessee. These new property management agreements mark the first to be under the management of Mission Rock in the State of Tennessee.

“Our Eastern regional property portfolio is really taking off, and we couldn’t be more excited. These properties are in gorgeous, tree-covered locations and each offer wonderful lifestyle options for residents of the booming Nashville area,” said Pat Hutchison, the President of Mission Rock Residential.

The Post Ridge Apartments offer 150 individual rental residences in both townhome and apartment configurations. The community features large floor plans, an outdoor resort-style pool, and a close proximity to the city’s famed Percy Warner Park recreation area. On-site playground and BBQ grilling area, package lockers, and community clubhouse all provide fantastic benefits beyond the individual 2- and 3-bedroom units as well.

The nearby 865 Bellevue community is home to 326 residences and offers 1-, 2-, and 3-bedroom floorplans. The community features lush plant coverage and multiple trails and outdoor patio areas for community activities. In addition, this gated community features a 24-hour workout facility, a yoga studio, an on-site dog park, a putting green, sand volleyball court, and more. 

The Nashville market has grown tremendously in recent years, with its population expanding by 100 people per day in 2018. Last year’s economic growth pace place Music City fifth among metro areas with real GDPs of $100 billion or more, trailing only Silicon Valley, Austin, Seattle and San Antonio. The region is home to a thriving, diverse economy and has had recent corporate recruitment successes including major offices or headquarters for Amazon, Alliance Bernstein, Ernst & Young and Major League Soccer. 

In addition to the spacious floor plans and elevated amenity package, Mission Rock Residential offers its communities a satisfaction guarantee, branded as the “Rock Solid Guarantee”. This includes a 24-hour response to maintenance requests, a 30-day go-in satisfaction guarantee, complimentary lock-out help during business hours, and an opportunity to buy a low-cost renter’s insurance plot with guaranteed pre-approval.

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