Case Studies
Myrtle Beach, SC
Alta Surf
Investment Summary
Property
216 unit multifamily property located in an emerging section of the Myrtle Beach market
Pricing
Acquisition Cost: $17,000,000
Strategy
- Given the age and the condition of the property, there are no major capital requirements needed or planned
- The property is considered “best in class” in its market, and ownership anticipated continued positive rent growth. The project continues to perform well with occupancy at 96%
Opportunity/Highlights
- The project was developed and delivered by Wood Partners. After facing challenges stabilizing the asset, the debt was sold to a new entity, from whom we subsequently acquired the property significantly below replacement cost.
- Through operations we stabilized the asset, grew NOI, and refinanced the project.
- In 2017, the property was sold to an institutional investor, which resulted in a 3.92x multiple.
- The asset is very well located in the highly desirable Carolina Forest area of Myrtle Beach.
Other Case Studies
Milford, MA
Fortune Blvd & Quarry Drive
BUILDING SIZE
230,000 SF
ASSET TYPE
Office/R&D
Hopkinton, MA
35 Parkwood Drive
BUILDING SIZE
160,000 SF
ASSET TYPE
Office/Flex
Franklin, MA
440 East Central Street
BUILDING SIZE
16,200 SF
ASSET TYPE
Medical Office