Multifamily Influencers: Sands Selected As A Top Company

Here are our picks for the top individuals, teams and companies in the multifamily sector.

By Erika Morphy | October 07, 2022 at 07:00 AM

Up until a few months ago, it appeared that multifamily had entered a golden age. Rents were rising, deals were closing and forecasters saw little difficulty in the medium term. To be sure, the asset class is still a strong one but with the rise in the cost of debt, the threat of a possible recession and asset pricing that has become muddled, some uncertainty has been injected into the landscape. For that reason, we give our kudos to the men, women, teams and companies that are navigating this environment. Careful judgments must be made about underwriting, forecasting the ability of tenants to pay higher rents and, for developers, the ongoing difficulties with labor and supply chains. We have little doubt that the recipients we selected for our annual multifamily influencers are up for the challenge.

ORGANIZATIONS
SANDS COMPANIES

Founded in 2014, Sands Cos. was a pioneer in the development concept of building deconstructed apartments. The firm initially focused on delivering a unique product to its home base of Myrtle Beach, SC and then expanded to markets throughout the Southeast and beyond. Its debut detached, horizontal apartment project, ISLE Cottage Apartment Homes, is a 99-unit community that served as a case study for future Sands Cos. developments and proof of concept for investors and capital markets. During the past three years, Sands has dramatically expanded its portfolio from a single development to more than 2,000 units. Led by president and partner Joe Morrison and VP and partner David Wilkes, the firm has an in-house construction arm that allows it to ensure workmanship and craftsmanship on projects as well as on-time, on-budget completion. Sands Cos.’ model delivers horizontal, detached cottages within spacious communities that feature many exclusive amenities. The company’s Seaglass Cottage Apartment Homes in North Myrtle Beach exemplifies the company’s strategy to redefine the SFR genre. The entire community was meticulously planned with homes that purposely face each other, with parking in the rear to encourage walkability throughout the neighborhood. The groups of homes each have their own outdoor amenity to enjoy, such as a courtyard garden, fire pit or lawn games, and they feature carefully thought-out landscaping, with more than $1.2 million spent on lush and fully-grown flowers, greenery, and trees at the community. During the past year, Sands Cos. has hired 20 new employees and it moved into its brand-new headquarters, which is more than double the size of its previous office.

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