Cushman & Wakefield announced today that the commercial real estate services firm has arranged the $78.4 million sale of two communities located in Myrtle Beach’s Little River submarket. This includes The Banks at Bridgewater, a 252-unit multifamily community, and Stepping Stone at Bridgewater, a 44-unit boutique Build-to-Rent (BTR) community.
Tai Cohen, John Phoenix, and Louis Smart of Cushman & Wakefield represented the seller, Wakefield Residential, in the transaction. Both communities were acquired by PassiveInvesting.com, a private equity real estate investment firm based in the Carolinas.
“As a combined offering totaling 296 units, Banks and Stepping Stone is an ideal investment size with a mix of both traditional multifamily and BTR unit styles. This mix appeals to the full spectrum of renter profiles in the fast-growing Myrtle Beach market,” said Louis Smart, Director at Cushman & Wakefield.
The Banks at Bridgewater was developed by Craig Davis Properties in 2022 and is a Class A garden multifamily asset offering luxury finishes and a modern amenity package that includes a coffee bar, on-demand yoga, saltwater pool, walking trails, and units featuring built-in workspaces. Stepping Stone at Bridgewater, a Wakefield Residential BTR community built in 2020, is located directly adjacent to The Banks at Bridgewater and consists of all spacious two bedroom/two bath duplexes with attached garages in a neighborhood cul-de-sac style setting.
Both communities are strategically located in Myrtle Beach, one of the nation’s fastest growing cities, with 22% population growth since 2015. By being situated just off Highway 17 and Highway 9 within the larger Bridgewater residential masterplan, they each offer easy beach access along with direct proximity to top retail, entertainment, healthcare, and Myrtle Beach’s top employers.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 103-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.