Product Differentiation Meets Mixed-Age Cohort Demand

With a unit mix comprised of 50% 2-bedroom flats with garages and 50% 3-bedroom townhome floorplans, Encore is perfectly positioned to capture demand from the two primary renter demand segments in Myrtle Beach: retirees and young families.

Zero New Supply on Near-term Horizon Creates Inflection Point for Rent Growth

Myrtle Beach MSA Outperforming on Population Growth Dynamics

The Myrtle Beach MSA ranked third nationally for percentage population growth in 2023-2024 and continues to top U-Haul and Census migration rankings with the Myrtle Beach MSA recording 3.28 in-moves per exit, the highest of any U.S. city.

Micro Location on Southern End of MSA Offers Accessibility to Both Lifestyle and Retail Demand Drivers

The Southern edge of Myrtle Beach MSA is a preferred location for many retirees and families as it is host to more community-oriented lifestyle drivers, including the state beach parks and upper-end resort communities of Pawleys and Litchfield, while still accessible to major retail centers and medical employment including Tidelands Health (2,500 total jobs) and the Grand Strand Medical Center (500 jobs).

Assumable Fixed-Rate Debt + Robust Retention Rates Ensure Reliable Cash Flow

Optional Fannie Mae loan assumption, ~70%± LTV, with 7 years remaining, FTIO at 6.21% rate, allowing for a high leverage acquisition. Above-average tenant retention rates (61%+ YTD) with positive renewal growth demonstrate low risk top-line growth potential.