Trilogy Investment Co. has acquired Park Ridge, a build-to-rent project in Myrtle Beach, S.C., from BFF. Slated for completion next year, Park Ridge features 122 cottage-style townhouses.
Louis Smart, John Phoenix and Richard Gore of Cushman & Wakefield represented the seller in the deal. “This was a difficult transaction in that it was a forward sale, or pre-sale of to-be-completed units,” Smart, a director at Cushman & Wakefield, told Multi-Housing News.
“[That] is a tougher investment from both a debt and equity perspective, sitting somewhere on the real estate investment risk spectrum between acquisition and development. It was also marketed during a time of capital market uncertainty, with extreme interest rate volatility.”
“Our team worked diligently upfront to cast the widest net possible in terms of buyer pool within the BTR investment space,” added Smart. “And once the deal was under contract, we managed a clear line of communication between seller and buyer, as forward transactions are longer and more fluid than a normal acquisition.”
Features of residences include full-size washers and dryers, smart home technology and stainless-steel appliances. Common-area amenities include a family-friendly swimming pool. Nearby attractions include the 162-acre North Myrtle Beach Sports Complex, as well as an adjacent wake park, the largest on the East Coast.
Myrtle Beach is a growing market, partly due to its appeal to both millennials and baby boomers, both groups that prefer the freedoms of single-family renting at a time of soaring real estate costs. Earlier this month, a joint venture announced plans to build a BTR community in the Myrtle Beach area.
