US: Cushman & Wakefield has arranged the $78.4 million sale of two BTR communities in Myrtle Beach’s Little River submarket.
This sale involved 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. Both communities were acquired by PassiveInvesting.com, a private equity real estate investment firm based in the Carolinas.
“As a combined offering totalling 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, with amenities including 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 two bedroom/two bath duplexes with attached garages in a neighbourhood cul-de-sac style setting.
