ABOUT THIS PROJECT
North Myrtle Beach, SC. Prime location with direct access to boat slips along the waterway.
Located in North Myrtle Beach, SC, this apartment community will occupy a 14.6 acre site, with over 1000 feet of waterfront along the intracoastal waterway. The 216 new apartments represent a unique housing opportunity for the northern end of the Grand Strand region of South Carolina.
The location provides direct access to boat slips on site along the waterway and is less than two miles to the beaches of North Myrtle. Highway 17, the main commercial thoroughfare of the area is a three-minute drive from the property, yet a world away from that busy environment. Residents will enjoy very easy access to Highway 31, the primary north/south expressway which easily connects them to jobs and entertainment in Myrtle Beach and Brunswick County NC.
Each of the 216 high end apartment homes will feature 9’ high ceilings, granite counter tops, luxury plank flooring, tile backsplashes, upscale appliances, and oversized windows with plantation blinds. First class on-site amenities will include a commercial quality fitness center, Starbucks coffee bar, lounge with fireplace overlooking the water, a resort style salt water pool with expansive pool deck, a cabana with outdoor kitchen and a volleyball court.
The total project investment will be $22,400,000 or approximately $103,700 per unit. The capital structure will be a combination of a bank funded construction loan, mezzanine lenders, and equity funded by the sponsors and outside investors.
(*) Note: Our AAR for this project is projected 20 percent.