Eastman Residential Acquires 148-Unit Multifamily Property In Myrtle Beach For $19M

The recently closed property transaction in Myrtle Beach, SC involved a multifamily asset located at 110 Chanticleer Village Drive. The property spans a total of 180,000 square feet and consists of 148 units. The sale price for this transaction was $19,000,000, resulting in a per unit price of $128,378 and a price per square foot of $106.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $19,000,000
• Units: 148
• Price Per Unit: $128,378
• Square Footage: 180,000
• Price Per Square Foot: $106
• Buyer: Eastman Residential - Zach Schofel & Marc Schofel
• Seller: Sundance Real Estate Advisors
• Broker: Jonathan Brody - BASE Realty Group

Jonathan Brody, representing BASE Realty Group, facilitated this off-market transaction through Rosewood Realty Group. The deal involved a value-add property where the current owner plans to convert the existing student housing units into conventional multifamily units. This transaction marks an important step for Jonathan Brody as he recently co-founded BASE Realty Group along with Michael Schattner.