A Long Island real estate investment and development firm is planning to build a $100 million multifamily residential project in South Carolina.
Jericho-based Toro Real Estate Partners acquired 36 acres of land in the Charleston suburb of Goose Creek in Dec. 2023 and has secured approvals to begin the first phase of the development that will eventually bring 400 rental units and a neighborhood retail center to the site.
The Goose Creek development site, located along Henry Brown Boulevard, is divided into 24 acres on one side of the street and 12 acres on the other. On the larger parcel, Toro will soon begin construction of 300 garden-style apartments in 10 three-story buildings. The development will consist of a mix of one-, two- and three-bedroom units with monthly rents ranging from about $1,600 to $2,300.
Amenities at the as-yet-unnamed garden-style rental community include a 4,250-square-foot clubhouse with a fitness center, outdoor pool, pickleball courts and a business center. Toro principal John Cohen said the firm expects to begin construction by the end of the summer, with completion of phase one expected in about 18 months.
On the smaller, 12-acre parcel, Toro is planning to build 100 rental townhouses. The townhouses will have three and four bedrooms, with an average size of about 1,600 square feet. Monthly rents for the townhouses will average around $2,350. The company hopes to begin construction on phase two in Jan. 2025 and expects it to be completed in about 18 months.
Toro is also planning to build a 30,000-square-foot retail center on about 2 acres of the townhouse property that will front Henry Brown Boulevard.
Cohen, a former commercial real estate broker with Marcus & Millichap and his partner Don DiRenzo, a former broker with Cushman & Wakefield, have previously bought and sold about 900 units of multifamily rental property in South Carolina over the last decade.
“The population and jobs growth have been tremendous in recent years,” Cohen told LIBN. “Even though there’s been a lot of development in the area, there’s still a shortage of housing and affordability.”
And they expect to do a lot more business in the Southeast in the future.
“We’re continually making offers and trying to acquire more property in the Carolinas,” Cohen said.
Toro currently has over 700 acres of land in the Southeast and Texas in its portfolio.
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