Cushman & Wakefield Arranges 2 SC Sales for $79M

Stepping Stone. Image courtesy of Cushman & Wakefield

Wakefield Residential has sold two multifamily developments totaling 296 units in Myrtle Beach, S.C., including a 44-unit boutique build-to-rent community, to Passiveinvesting.com for a total of $78.4 million.

Tai Cohen, John Phoenix and Louis Smart of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group represented the seller in the transaction.

The communities –The Banks at Bridgewater, a 252-unit multifamily property and Stepping Stone at Bridgewater, the BTR development–are located in the Little River submarket and are adjacent to each other.

Smart said in a prepared statement the two properties offer an ideal investment size and mix of both traditional multifamily and BTR unit styles. Smart noted this appeals to the full spectrum of renter profiles in the hot Myrtle Beach market. Myrtle Beach is one of the nation’s fastest-growing cities, with 22 percent population growth since 2015.

Property details

The Banks at Bridgewater. Image courtesy of Cushman & Wakefield

The Banks at Bridgewater was developed by Craig Davis Properties in 2022. The Class A garden-style multifamily property offers luxury finishes and a modern amenity package including a coffee bar, on-demand yoga, saltwater pool, walking trails and built-in workspaces in the units. Stepping Stone at Bridgewater is a Wakefield Residential BTR community built in 2020. The property features spacious two-bedroom/two-bath duplexes with attached garages in a neighborhood cul-de-sac setting.

The communities are situated off Highway 17 and Highway 9 within the larger Bridgewater residential masterplan. They have easy beach access and proximity to top retail, entertainment, healthcare offerings and employment centers.

Passiveinvesting.com purchases

Based in the Carolinas, Passiveinvesting.com is a private equity real estate investment firm. The company has acquired more than $1.6 billion in real estate assets including multifamily, self-storage, hotels and express car washes. In May, Passiveinvesting.com acquired Accent Edgewood, a 236-unit,  Class A community in Nashville, Tenn., from Westplan Investors. The luxury property is located nearly 5 miles south of downtown Nashville.

Two months earlier, the firm acquired Las Palmas, a 300-unit garden-style community in Fort Myers, Fla., from The NRP Group for $109 million. The NRP Group had completed the development in 2021.

Cushman & Wakefield team

The Cushman & Wakefield Sunbelt Multifamily Advisory Group has 103 members covering 11 states. The group has the top multifamily market share in the region based on sales volume and transactions. In 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units.