Passco Cos. Nabs SC Asset for $48M

Passco Companies has acquired The Lively at Carolina Forest in Myrtle Beach, S.C., for $48.2 million. The Lively at Carolina Forest is a 305-unit, class A+ multifamily community.

The one-year-old community features an array of studio and one-, two- and three-bedroom floorplans. Finishes include 9- and 10-foot ceilings and quartz or granite countertops, and vinyl plank wood or polished concrete flooring. Units also include stainless steel appliances, washers and dryers and walk-in closets.

Among common-area amenities are a stand-alone community beach house, gardens, fire pit gathering area, gas grilling stations, fitness center, car care station, dog park, dog-washing station, package concierge service, saltwater pool and elevators.

The community is situated within the quickly growing Carolina Forest master-planned community, offering residents quiet suburban living and pedestrian-friendly amenities. The submarket delivers the city’s top-rated schools, as well as convenient access to nearby job hubs, shopping and entertainment options.

Full-time residents

“Myrtle Beach has shifted over the past several years from a location primarily supporting tourists and seasonal residents to one supporting an influx of full-time residents, significantly driving demand for multifamily housing,” said Colin Gillis, Passco’s vice president of acquisitions Southeast. Within the past year, Myrtle Beach was ranked number one for future job growth by Forbes. The Myrtle Beach MSA was ranked number two for percentage population growth by the U.S. Census Bureau.

Conway Medical Center and Grand Strand Medical Center represent two of the city’s largest employers. The McLeod Seacoast Carolina Forest healthcare campus is being given a 43-acre, $20 million expansion, which will add medical offices, an emergency center, and physical therapy and rehabilitation services.

Likelier to rent

Gillis reported empty nesters are retiring to the traditional resort city of Myrtle Beach in large numbers. And they are much likelier than earlier generations to rent, he believes.

“We’re finding that many of these new residents are retirees, largely from the Northeast, who are downsizing and seeking warmer climates while remaining closer to their family and friends back home than they would be in Florida,” he observed.

“This significant growth in the senior population is also driving the region’s healthcare industry at numbers projected to be more than twice the national rate over the next decade, creating a need for multifamily housing to support the workforce as well.”

Situated at 107 Village Center Boulevard, The Lively at Carolina Forest was acquired from Orange Capital Advisors/CF Evans. Marc Robinson, Jordan McCarley and Tai Cohen from Cushman & Wakefield represented both buyer and seller.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.