Grand Strand Luxury Community Commands $48M
Sillman Enterprises has purchased The Vinings at Market Common, a 288-unit Class A community in Myrtle Beach, S.C. Standard Capital Partners sold the asset for $47.6 million or $165,347 per unit. According to Yardi Matrix data, the buyer also assumed the existing $28 million loan held by AIG. Cushman & Wakefield represented the seller in the deal.
Sitting on nearly 18 acres at 2501 Hammock St. in The Grand Strand, the property is close to U.S. State Road 17 and only 5.7 miles from Myrtle Beach International Airport. The immediate area holds numerous dining and shopping options, including the 114-acre The Market Common lifestyle center, but also parks and recreational venues.
The Vinings at Market Common consists of 12 three-story buildings completed in 2017, with a unit mix of one- to three-bedroom floorplans averaging 1,076 square feet. Amenities include a swimming pool with beach entry, an outdoor lounge with a veranda, a playground, fitness center, and clubhouse with business center.
Cushman & Wakefield’s Alex Brown, Tai Cohen and Marc Robinson represented the seller in the transaction. Cohen and Robinson were also instrumental in the $23.4 million sale of a 216-unit community in Columbia, S.C., in June.