Eller Capital Partners Acquires 216-Unit Alta Surf Apartments in Myrtle Beach, SC for $17 Million

MYRTLE BEACH, SC - Chapel Hill, NC based Eller Capital Partners has acquired the 216-unit Alta Surf Apartments in Myrtle Beach, SC from North Miami, Florida based TP Real Estate Solutions Holdings I, LLC.

Located at 101 Breakers Drive in the Carolina Forest Town Center development, the property was built in 2007 and features luxury amenities including a large resort style swimming pool, clubhouse, billiards room, 24-hour fitness center, gourmet coffee bar, business center, storage units and enclosed garages.

The purchase price was $17,000,000 and acquisition financing was provided by Fannie Mae. The community was approximately 94% occupied at the time of closing.

Coastal Apartment Advisors of Hilton Head, SC and Multi Housing Advisors of Atlanta, GA brokered the transaction. The Raleigh office of Northmarq Capital arranged acquisition financing on behalf of the purchaser.

Eller Capital Partners is a fully integrated multifamily investment, development and property management company. The company is focused on acquiring assets on an opportunistic basis throughout the southeastern United States. We seek out value across all asset classes including newer, institutional quality construction as well as financially distressed opportunities of any age. Eller Capital Partners has been acquiring multifamily assets since 2007, and is now concentrating on the expansion of its portfolio throughout the region. The company is enthusiastic about seeking assets that deliver immediate value for its investors.