Cushman & Wakefield announced the commercial real estate services firm has arranged the sale of Park Ridge, a build-to-rent (“BTR”) development project in Myrtle Beach, South Carolina. The project includes 122 cottage-style townhomes that will fully deliver in 2024 and feature best-in-class finishes and a top-of-the-line amenity package.
Louis Smart, John Phoenix, and Richard Gore of Cushman & Wakefield represented the seller, BFR – Park Ridge, in the transaction. The project was acquired by Trilogy Investment Company, LLC on a forward sale transaction.
“Park Ridge is another excellent example of the continued institutional interest in BTR product and the fast-growing Myrtle Beach MSA,” said Smart, Director at Cushman & Wakefield. “We were thrilled to be a part of this transaction.”
Situated in the Myrtle Beach’s primary recreation node, Park Ridge offers unbeatable access to the area’s top retail and entertainment, including the 162-acre North Myrtle Beach Sports Complex and the east coast’s largest wake park next-door. Myrtle Beach’s rapidly expanding millennial and boomer demographic bases highlight the submarket’s unique ability to support unprecedented growth within the BTR space, as skyrocketing home-ownership costs and limited supply continue to price prospective homebuyers out of the market.
Cushman & Wakefield
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 110-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. The platform boasts one of the only dedicated BTR teams in the Sunbelt, with $1.5 billion and 6,000 BTR units sold, in escrow, or listed. Per Cushman & Wakefield, in 2023, the group has closed $4.1 billion in sales volume through 130 deals and 22,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.