The Walden Group Acquires 332-Unit Apartment In Myrtle Beach For $76M
SOLD
$76,000,000
South Carolina
See Similar DealsMultiFamily
Sold 01/11/2022
SOLD
The Walden Group Acquires 332-Unit Apartment In Myrtle Beach For $76M
915 Brentmoor Drive, Myrtle Beach, South Carolina 29579, United States
See Similar DealsMultiFamily
Sold 01/11/2022
Summary
SOUTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale
The Walden Group has acquired a 12-acre apartment property located at 915 Brentmoor Dr. in Myrtle Beach, SC. The transaction was facilitated by Cushman & Wakefield. Middleburg Communities, represented by Kory Geans, served as the seller in the deal. The sale price for the property amounted to $76,000,000.
Summary of transaction details
- Property Type: Apartment
- Transaction Amount: $76,000,000
- Units: 332
- Price per Unit: $228,915
- Date: 01/11/2022
- Market: Myrtle Beach, SC
This successful transaction involved the purchase of a 12-acre apartment property located at 915 Brentmoor Dr. in Myrtle Beach, SC. The Walden Group acquired the property from Middleburg Communities, represented by Kory Geans. Cushman & Wakefield acted as the broker in the deal. The property consists of 332 units, with an average price per unit of $228,915.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,053,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$270,011.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$360,278.77
Annual Debt Service$4,323,345.28
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