Multifamily community in Myrtle Beach sells for $64M

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Affiliates of Harbor Group International LLC purchased Artisan Carolina Forest, a 276-unit multifamily community in Myrtle Beach for $64.4 million.

Harbor Group International LLC is a privately owned international real estate investment and management firm.

Located off Highway 31, Artisan Carolina Forest is centrally located near Myrtle Beach's recreation and leisure offerings. The community is adjacent to the Marketplace at the Mill shopping center.

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.

Northmarq's John Currin and Andrea Howard facilitated the transaction.

"With affordable rents relative to other high-growth coastal cities, Myrtle Beach is one of South Carolina's most attractive multifamily markets," Yisroel Berg, chief investment officer for multifamily, said in a news release. "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."

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.

Harbor Group International LLC and its affiliates control an investment portfolio of approximately $20 billion, including 58,000 apartment units in the United States and 5 million square feet of commercial space throughout the United States and the United Kingdom.  The company is headquartered in Norfolk, Va.