Broad Management Buys South Carolina Affordable Asset
Douglas Development sold the nearly 200-unit property.
Broad Management Group has purchased Monticello Park, a 192-unit, affordable housing community in Myrtle Beach, S.C., Yardi Matrix data shows. Douglas Development sold the asset.
Monticello Park encompasses 17 buildings completed between 2004 and 2008. The structures rise two and three stories, featuring one- to three-bedroom floorplans that average 1,095 square feet. As of 2024, the property was 97.5 percent occupied, according to Berkadia.
About 94 percent of the units are reserved for residents earning at or below 50 and 60 percent of the area median income. The AMI for a family of four in the metro has increased by 38.5 percent between 2020 and 2024, the same source shows.
READ ALSO: Can Zoning Changes Boost Affordable Housing?
Monticello Park’s extended-use income restrictions are due to expire between 2039 and 2043. This community’s units aren’t the only apartments at risk of losing affordability, as Yardi Matrix revealed about 850,000 private LIHTC units will lose their income-restricted status between 2025 and 2038, including the expiration of both initial compliance and extended-use periods.
Located on nearly 14 acres at 1300 Osceola St., the property is roughly halfway between Charleston, S.C. and Wilmington, N.C. Nearby thoroughfares include U.S. routes 17 and 501, while Myrtle Beach International Airport operates approximately 5 miles away.
Multifamily investment has room to grow in the Carolinas
Metro Charleston’s multifamily transaction volume clocked in at $82.5 million during the first half of 2025, marking an 83.4 percent decrease year-over-year, according to Yardi Matrix data. Other Carolinas markets didn’t fare much better—Raleigh-Durham, N.C., witnessed its investment drop by 47.4 percent, while Charlotte, N.C., slumped by 15.8 percent.
A noteworthy Greater Charleston trade closed in May. H&H Homes sold The Palms at Edgewater, a 288-unit asset in Summerville, S.C., for $58.5 million. URS Capital Partners purchased the property.
