HGI Acquires Myrtle Beach Project From Asset Manager

Artisan Carolina Forest is situated on 21.5 acres.

The Artisan Carolina Forest

The Artisan Carolina Forest is located in Myrtle Beach, S.C. Image courtesy of Harbor Group International

Harbor Group International has acquired its second multifamily property within half-a-month with its purchase of Artisan Carolina Forest, a 276-unit, newly-built luxury community in Myrtle Beach, S.C., for $64.4 million.

The seller was not disclosed, but the most recent owner of the property at 101 Ascend Loop was Bell Partners, according to Yardi Matrix data. The community was completed earlier this year. Northmarq’s John Currin and Andrea Howard handled the transaction.

Artisan Carolina Forest has a mix of apartments, cottages and duets located on 21.5 acres. The property has one-, two- and three-bedroom floorplans, ranging in size from 654 to 1,437 square feet, with an average of 951 square feet. Rents range from $1,526 to $2,327 with an average of $1,764, according to Yardi Matrix data. Some units have fenced-in yards while others have private balconies or patios.

Yisroel Berg, HGI’s chief investment officer for multifamily, noted in a prepared statement that Myrtle Beach’s rents are affordable compared to other high-growth coastal cities. Touting Myrtle Beach as one of South Carolina’s most attractive multifamily markets, Berg said the company expects to attract a strong renter base and achieve steady rents at the newly developed luxury community.

Artisan Carolina Forest has a premier amenity package, including a resort-style swimming pool with a television lounge and cabanas, a fitness and yoga center, clubhouse, business center with coworking and conference rooms, dog park, outdoor storage and electric vehicle charging stations. The apartment interiors feature luxury finishes, above-standard ceiling heights, oversized kitchen islands, modern backsplashes, walk-in showers, dual vanities and washers and dryers in all units. The property has a total of 390 parking spaces with detached garages available for an additional fee.

Located off Highway 31 in Myrtle Beach, the property is adjacent to the Marketplace at the Mill, a shopping center providing retail options for residents. The community is in close proximity to several medical centers that serve as key employers in the area. The location is also central to Myrtle Beach’s recreation and leisure offerings, including miles of coastal beaches, resorts, golf courses and restaurants.

Within the past couple of weeks, HGI re-entered the Austin, Texas, market with the acquisition of The Warner, a 336-unit luxury multifamily community in Round Rock, Texas, a North Austin suburb. The company did not identify the seller but Yardi Matrix data shows the last owner was Stanmore Partners, which developed the property in 2022 with Transwestern Investment Group. The sale price was not disclosed, but the project was backed by a $38.6 million loan provided by Veritex Community Bank, according to Yardi Matrix. The acquisition added to HGI’s statewide portfolio of 23 communities in three Texas cities totaling 8,647 units.

The Norfolk, Va.,-based real estate investment and management firm has also been building up a large multifamily portfolio in the Miami-Dade area. In December 2022, HGI acquired Oak Enclave Miami, a 420-unit community, from Resia for an undisclosed sales price. Prior to that purchase, HGI had acquired several Miami area properties including an 816-unit luxury community in downtown Miami in March 2022. In July 2022, HGI purchased a 372-unit community in Miami for $184.5 million and several months earlier had acquired a 133-unit community in western Miami-Dade County for $50 million.

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