MYRTLE BEACH, SC - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the $64.4 million acquisition of Artisan Carolina Forest, a 276-unit multifamily community in Myrtle Beach, S.C. This transaction represents HGI's second acquisition of a newly built multifamily property in one week following the acquisition of The Warner in Austin, Texas.
Located directly off Highway 31, Artisan Carolina Forest is central to Myrtle Beach's ample recreation and leisure offerings, including miles of coastal beaches, resorts, golf courses and restaurants. The community is adjacent to the Marketplace at the Mill, a shopping center providing a variety of nearby retail options for residents, and is in proximity to several medical centers that serve as key employers to the area.
"With affordable rents relative to other high-growth coastal cities, Myrtle Beach is one of South Carolina's most attractive multifamily markets," said Yisroel Berg, Chief Investment Officer – Multifamily. "As a newly developed luxury community, we anticipate substantial opportunity to attain a strong renter base at Artisan Carolina Forest and achieve steady rent growth as the area continues to attract new residents."
Developed in 2022, the community features a premier amenity package, including a resort-style pool with a TV lounge and cabanas, a dog park, electrical vehicle charging stations, a fitness and yoga center and coworking and conference rooms. Apartment interiors include luxury finishes, oversized kitchen islands, walk-in showers, modern backsplashes and dual vanities.
Source: Harbor Group International