Sands Companies has completed the sale of ISLE Cottage Apartment Homes in Myrtle Beach, SC. The community was 95% occupied at closing.
An Atlanta-based real estate investment company focused on multifamily acquisitions in the Southeast and Midwest purchased the 99-unit community on Silver Gaff Court for $26.3 million.
Sands first developed the concept to build detached, horizontal apartments in 2014, with ISLE becoming the initial completed project. The sale proceeds from its disposition will be reinvested in similar Sands-owned projects in the Carolinas, Georgia and coastal Florida.
“This transaction is the culmination of our team’s vision to deliver a unique product to the Myrtle Beach area,” Sands president Joe Morrison said. “ISLE serves as a case study for the horizontal, detached cottages Sands delivers within spacious communities that offer exclusive amenities superior to those found in traditional apartment buildings.”
Trevor Koskovich and John Currin of Northmarq arranged the sale on behalf of Sands.
Read the article on Connect Atlanta & Southeast