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| The Lively at Carolina Forest Apartments, Myrtle Beach, SC |
Myrtle Beach, SC — Passco Companies, a privately-held California-based
real estate company that specializes in the investment, acquisition,
development, and management of commercial properties throughout the U.S., has
acquired The Lively at Carolina Forest, a 305-unit, Class A+ multifamily
community in Myrtle Beach, South Carolina for $48.2 million.
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| Colin Gillis |
The addition of this institutional-quality asset to Passco’s
portfolio is well-aligned with the firm’s proven strategy to acquire
best-in-class multifamily communities in markets demonstrating long-term
high-growth fundamentals, according to Colin Gillis, Vice President of
Acquisitions, Southeast at Passco.
“Myrtle Beach has shifted over
the past several years from a location primarily supporting tourists and
seasonal residents to one supporting an influx of full-time residents,
significantly driving demand for multifamily housing,” explains Gillis, noting
that within the past year, the city was ranked #1 for Future Job Growth by FORBES and
the Myrtle Beach MSA was ranked #2 for largest percentage population
growth by the U.S. Census Bureau.
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| Marc Robinson |
According to Gillis, many Baby
Boomers are retiring to the traditionally resort town and have a much higher
propensity to rent than previously anticipated.
“We’re finding that many of
these new residents are retirees, largely from the Northeast, who are
downsizing and seeking warmer climates while remaining closer to their family
and friends back home than they would be in Florida,” says Gillis.
“This significant
growth in the senior population is also driving the region’s healthcare
industry at numbers projected to be more than twice the national rate over the
next decade, creating a need for multifamily housing to support the workforce
as well.”
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| Jordan McCarley |
Among Myrtle Beach’s largest
employers are the Conway Medical Center and Grand Strand Medical Center.
Additionally, the McLeod Seacoast Carolina Forest healthcare campus is
currently undergoing a 43-acre, $20 million expansion that will include medical
offices, an emergency center, and physical therapy and rehabilitation services,
notes Gillis.
“The Lively at Carolina Forest
presented the chance to acquire in the early stages of a population and job
boom in a city that has not been traditionally overbuilt, and where existing
multifamily is seeing elevated occupancy and strong rent growth,” continues
Gillis.
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| Tai Cohen |
“Further, this
exceptional asset, which underwent a rapid, concession-free lease-up, brings
something entirely new to the market. The community is positioned for long-term
success due to its quality and superb amenities.”
The first-of-its-kind asset is
located within the rapidly-expanding Carolina Forest master planned community,
which provides residents with quiet suburban living and walkable amenities, in
addition to offering easy access to nearby employment, retail, entertainment
options.
The submarket also boasts the city’s top-ranked schools, confirms
Gillis.
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| Chris Black |
The Lively’s units include a
variety of studio, one-, two-, and three-bedroom floorplans with nine- and
ten-foot ceilings and feature quartz or granite countertops, Vinyl plank wood
or polished concrete flooring, stainless steel appliances, washer/dryer, and
walk-in closets.
The community, which was
constructed in 2017, also features in-demand amenities including a stand-alone
community “beach house” backing up to a several-acre water feature, community
gardens, a fire pit gathering area, gas grilling stations, fitness center with
kids’ room, car care station, dog park, dog washing station, package concierge
service, a saltwater pool, and is the first multifamily community in the market
to feature elevators, notes Gillis.
The Lively at Carolina Forest
is located at 107 Village Center Boulevard in Myrtle Beach, South Carolina.
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| Caleb Marten |
The property was acquired from
Orange Capital Advisors / CF Evans. Marc Robinson, Jordan McCarley and Tai
Cohen, from Cushman & Wakefield represented both the buyer and the
seller in this transaction.
Chris Black and Caleb
Marten of KeyBank Real
Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf
of Passco Companies.
CONTACTS:
Elisabeth Manville / Lexi Astfalk
Brower Group
(949) 955-7940
