Savs Group Sells 2 Myrtle Beach-Area Assets

Berkadia secured two Fannie Mae acquisition loans on behalf of the buyer, Eskay Management.
Aviary Village

Eskay Management has acquired two South Carolina communities, the 88-unit Cloisters at 67th in Myrtle Beach and the 63-unit Aviary Village in Conway. The buyer paid $6.8 million for the first one and $6.6 million for the second one. Berkadia negotiated the deal on behalf of the seller, Savs Group, and secured financing for the buyer. Eskay received two 10-year, fixed-rate Fannie Mae loans totaling $10.5 million.

Built in 1999, The Cloisters comprises one-bedroom units with vaulted ceilings and fully equipped kitchen. Common-area amenities include a swimming pool, a community room and laundry facilities. Located at 902 67th Ave. N., on roughly 5 acres, the asset is 8 miles from Myrtle Beach International Airport. The asset is also situated 7 miles from a luxury senior housing development, slated for completion in 2021.

Located at 505 Wild Wing Blvd., on 10 acres, Aviary Village comprises one- and two-bedroom units. The community came online in 2000 and includes a swimming pool, playground, clubhouse and fitness center. According to Yardi Matrix, the three-building property was fully occupied as of last December.

Berkadia’s Managing Director Mark Boyce and Associate Director Blake Coffey assisted the seller, while Senior Director Marc Possick and Associate Director Charles Rigoglioso secured the financing.