LITTLE RIVER, SC, December 13, 2021 / PRNewswire / – CWCapital Asset Management (“CWCapital”) and its co-sponsors Advantage Properties and Cove Property Management (collectively, “APC”) today announce their partnership to acquire River Oaks Village, a community of class apartments Has from 190 units to North Myrtle Beach, South Carolina, for $ 48.5 million. APC will take over the management of the property.
Situated in Small river, 25 miles north of Myrtle Beach Town Center, River Oaks Village is located close to miles of coastal beaches along the Atlantic Ocean. The property is within walking distance of waterfront restaurants and shops, as well as grocery and convenience stores. Adjacent to Highway 17, residents are easily connected to the area’s extensive golf courses and resorts, Myrtle Beach The international airport and several dining, shopping and entertainment destinations along the coast.
“The Myrtle Beach the community has evolved from a prime vacation destination to a place to live for the long term and has experienced rapid population growth in recent years, driven by retirees desiring warmer weather and convenient access to recreation and recreation “, said Regina Lubin, Director of Investments, CWCapital. “As the area continues to attract new residents looking for high quality housing, River Oaks Village offers an opportunity to acquire a well-maintained, well-located community positioned for rental growth. We look forward to partnering with APC to realize the strong business plan designed for this community. “
Completed in 2019, River Oaks Village features one-story cottage-style units with large floor plans and interconnecting one- or two-car garages, unique offerings to neighboring communities. The property has a range of well-appointed amenities including a clubhouse, fitness center and swimming pool with sun terrace.
About CWCapital Asset Management
CWCapital is a diversified real estate investment management company. Since the creation of the investment team in 2013, CWCapital has invested in more than 30 properties and defaulted loans totaling $ 1.3 billion through multi-family, office, industrial, commercial and hotel assets in the secondary and tertiary markets across the United States. Our team of commercial real estate experts use decades of experience to generate high returns on investments, focusing on value-added and opportunistic investments from $ 10–$ 75 million. With integrity and attention to detail, we build real value and relationships.
Advantage Properties and Cove Property Management are based in Maryland. Together since 1985, the executives of AP and Cove have acquired more than 43 properties comprising approximately 6,400 apartments in the eastern United States. Advantage Properties provides asset management services for the portfolio, while Cove provides property management services.
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SOURCE CWCapital Asset Management