JV to Develop Master-Planned Property Near Myrtle Beach
Klotz Group of Companies and Longleaf Real Estate are building the project.
In a separate deal, Harbor Group International and Wakefield Residential teamed up to develop an SFR property near Myrtle Beach last year. Image courtesy of Harbor Group International
A joint venture of Klotz Group of Companies and Longleaf Real Estate is developing a master-planned community in North Myrtle Beach, S.C.
The development, named The Preserve, will feature 370 luxury apartment residences, 207 build-to-rent houses, 227 paired villas lots and 10,000 square feet of commercial space. Located between the Intercoastal Waterway and the Carolina Bays Parkway, the larger project will include 3,500 residences and 1 million square feet of commercial space that will host a 165,000-square-foot Amazon same-day delivery facility. The Grand Dunes golf community is located just south of The Preserve. The Atlantic Ocean is a 10-minute drive away.
Beach and nature access
“Fortunately, we removed a lot of the challenges, such as zoning and entitlement, on the front end,” Andrew Hagaman, Klotz Companies vice president, told Multi-Housing News. “The city of North Myrtle Beach has been great to work with. Going forward, the only challenges we see are the general market challenges every developer faces. They include elevated interest rates and rising construction costs.”
Features and finishes of homes in The Preserve will include stainless steel appliances, granite or quartz countertops, luxury vinyl plank flooring and high-end fixtures and lighting, according to Hagaman.
The community will also feature nature trails at nearby Long Branch Creek. The area will include an abundance of green space for outdoor living, Hagaman told MHN, noting that the close proximity to retail and the beach will be a major selling point, especially in the busy summer months.
North Myrtle Beach and the surrounding towns have been growing in population, Hagaman noted. In one recent deal, Harbor Group International and Wakefield Residential partnered to develop a single-family rental property near Myrtle Beach. Earlier this month, Walker & Dunlop facilitated $62 million in financing for a Columbia, S.C. multifamily community to be developed by South Coast Property Investments and Abacus Capital.
