Harbor Group International and Wakefield Residential, an affiliate of L.M. Sandler, have formed a joint venture to develop Egret Landing, a 198-unit single-family-rental community in Calabash, N.C.
Construction has begun on the project, which is located near Myrtle Beach, S.C., and is expected to be complete in 2025. Calabash is a growing coastal community near the South Carolina border, 25 miles from downtown Myrtle Beach. The beach is about 10 miles from Egret Landing. Residents will also be a short distance from several dining, retail and entertainment establishments.
The community will be near major highways, including S.C. Highway 31, U.S. Highway 17 and U.S. Highway 904, which provide access to the Wilmington, N.C.-Myrtle Beach area, including Myrtle Beach International Airport.
Egret Landing will have 54 paired villas with two-bedroom floorplans and 144 three-bedroom detached rental homes, all with attached garages. Amenities will include a pool, clubhouse, fitness center, lounge, event space and co-working area.
Richard Litton, HGI president, said in a prepared statement the partners will offer highly desirable SFR to meet the needs of the Calabash community as the Myrtle Beach area continues to attract new residents in search of lifestyle amenities available in SFR properties.
Earlier deals
Egret Landing is HGI’s eighth transaction with L.M. Sandler and its affiliates. HGI acquired Artisan Carolina Forest, a 276-unit, newly-built luxury community in Myrtle Beach, in September for $64.4 million. The most recent owner of that property, located at 101 Ascend Loop, was Bell Partners, according to Yardi Matrix data.
In December 2022, Wakefield Residential sold two multifamily developments totaling 296 units in Myrtle Beach, including a 44-unit boutique BTR community, to Passiveinvesting.com for a total of $78.4 million. The communities –The Banks at Bridgewater, a 252-unit multifamily property and Stepping Stone at Bridgewater, the BTR development–are located in the Little River submarket and are adjacent to each other.
