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Coastal Wind Townhomes & Grove at Ridgefield features two Class A Built-For-Rent (BFR) townhome communities located within the high-growth Myrtle Beach MSA. The properties offer exceptional job connectivity, showcase desired quality construction from a premier national developer at a significant discount to retail pricing, and provide long-term investment durability with the opportunity to own stabilized Class A product at acquisition. The properties are available as a portfolio or on an individual basis. Premier National Homebuilder, NMHC Top 10 Developer
LOCATION
2304 COURTINA WAY
CONWAY, SC 29526
801 TIP TOP LANE
MYRTLE BEACH, SC 29577
INVESTMENT ADVISORS
Thomas Colaiezzi
Director 901.603.8590 thomas.colaiezzi@berkadia.com
Caleb Troop
Managing Director 314.607.3481 caleb.troop@berkadia.com
Blake Coffey
Senior Director
843.628.3766 blake.coffey@berkadia.com
Mark Boyce Managing Director
843.628.3765 mark.boyce@berkadia.com
Andrew Curtis
Senior Director 602.571.4190 andrew.curtis@berkadia.com
Matt Robertson
Associate 919.812.3174 matthew.robertson@berkadia.com
Russ Hardy
Managing Director 404.422.0499 russ.hardy@berkadia.com
Joel Kirstein
Managing Director
346.444.8975
joel.kirstein@berkadia.com
Mackinley Robinson
Senior Director
360.704.8831
mackinley.robinson@berkadia.com
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Neighboring retail townhome comps are selling, on average, for approximately $334,000. The acquisition of Coastal Wind and Grove at Ridgefield demonstrates a unique opportunity to purchase like-kind rental product at a steep discount to its for-sale counterparts. The blended pricing guidance of the subject properties sits at a discount of nearly $23 PSF or 11% from the average retail price across both property comp sets.
*2021 closings including BTR Source: Builder 100 (2022)
While the Coastal Wind Townhomes and The Grove at Ridgefield communities are strategically situated in Central and North Myrtle Beach, both properties offer tenants seamless connectivity throughout Myrtle Beach MSA. The tourism, hospitality, and retail industries serve as a bedrock for local employment and has spurred tremendous population growth of 42% from 2010 - 2022. In addition, Myrtle Beach has a plethora of employment nodes within the transportation, medical, and higher education sectors.
#1 Fastest Growing City – US News & World Report 2024 Rankings
Downtown Myrtle Beach (1.5 mi.)
Spanning 1.2 miles along the Atlantic Ocean, the Myrtle Beach Oceanfront
Boardwalk is home to several festivals and events. A popular destination for families, the boardwalk is where you can find the annual Hot Summer Nights concert. Broadway at the Beach features over 120 restaurants, shops, attractions, and nightclubs on 350 acres, making it the largest entertainment district in the state.
120 restaurants, shops, attractions, and nightclubs
Many historical museums and art galleries
Costal Grand Mall (2.1 mi.)
Situation right outside of Downtown Myrtle Beach Costal Grand Mall holds all the stores for a 1-stop shopping experience.
1.0+ million SF
170+ retailers
Notable stores: Dick’s Sporting Goods, Ulta Beauty, Dillards, Bed Bath &Beyond
Notable restaurants: Abuelo’s Mexican, Texas Roadhouse Grill, Chick-fil-A Family Kingdom Amusement Park (0.9 mi.)
Family Kingdom Amusement Park oceanfront park located on downtown Myrtle Beach which allows free entertainment such as clowns, magicians, jugglers, face painters, and more.
37 rides for all ages
Built on around 13 acres
Approximately 500 feet of ocean frontage
Myrtle Beach International Airport (2 mi): According to the Myrtle Beach Airport Master Plan, annual passenger revenue will continue to grow and are expected to increase by 84 percent by 2038 as tourism and the local economy flourish.
Provided travel to $3.36M passengers in 2023
Located next door to Coastal Wind Townhomes
Coastal Carolina University (11 mi)
Coastal Carolina University is a public university founded in 1954 and became an independent university in 1993.
621 acres115 main buildings
$498 million impact in the area
10,000+ students – Fall 2023
2,200 employees*
100+ undergraduate and 30+ graduate-level field of study
Conway Medical Center (11 mi)
Conway Medical Center is a trusted leader in healthcare and has served the medical needs of Horry County and surrounding communities for nearly a century. CMC specializes in general and vascular surgery, weight loss surgery, joint replacement, spine surgery, plus many more.
20+ locations throughout Horry County
1,600+ employees
Orthopedic Care #1 Hospital in the State, 2022 - CareChex
Bariatric Surgery #1 Hospital in the State, 2022 – CareChex
#1 Hospital in the Market, 2022 – Carechex
COASTAL WIND TOWNHOMES
THE GROVE AT RIDGEFIELD
The Grove at Ridgefield Doc Center
Coastal Wind Townhomes Doc Center
Investment Highlights
Discount to Proximate For-Sale
Townhome Comps
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In comparing the Myrtle Beach submarket rent and for-sale retail comps, we see the homeownership costs exceeding market rents on a micro scale.
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05
Exceptional Connectivity to Myrtle Beach’s
Lifestyle and Employment Nodes
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Gateway to Tourism Industry
for South Carolina Coast
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Major Employers and
Corporate Expansion
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Due to a lack of supply in the housing market and an increased mortgage rate environment, average Americans are continuing to be priced out of the homebuying market. The gap between monthly mortgage and rent payments continues to widen. Per Forbes, the monthly cost of a new home purchase now exceeds average rent payments by 52%. However, consumer demand for high-quality spacious homes has remained consistent. Both assets afford new ownership the opportunity to offer best-in-class product to a growing community of renters who are continuing to be priced out of the homebuying market.
Increased Renter Demand
for BTR Product
03
Community Amenities
Brand New Community Nestled in the Scenic Ridgefield Neighborhood
Resort-Style Swimming Pool with Brick-Paved Sundeck
State-of-the-Art Fitness Center
Playground
On-Site Maintenance
Fully Maintained Landscaping with Manicured Grass, Young Trees, Trimmed Shrubs, Plants, and Lakes
Online Resident Portal
Close to Golf Courses, Parks, Trails, Lakes, Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to State Route 544, U.S. Highway 501, Coast RTA Bus Line, Downtown Conway, Coastal Carolina University, Myrtle Beach International Airport, Myrtle Beach, and Coastal Beaches
A
52
garden-style
townhomes
Ridgefield
near the intersection of 4th Avenue and N Main Street
2023
one story
duplexes
Class:
# of total units:
Style:
Type:
Neighborhood:
Location:
Year built:
# of total buildings:
# of stories/floors in each building:
vinyl siding
Exterior building materials:
pitched roofs with shingles
Roof type:
D.R. Horton
Builder:
yes
Pets allowed:
yes
Smoke-free:
Unit Amenities
Spacious, Open Floor Plans with Private Driveway, and Direct Access Two-Car Garage
Master Suites with Oversized Walk-In Closets and Double Sink Vanities
Beautifully Appointed with High-End Finishes, Stainless Steel Appliances, Smart Home Technology Package, Luxury Vinyl Plank Flooring, Plush Bedroom Carpeting, Granite Countertops, Lighted Ceiling Fans, and LED Lighting
Kitchen with Gas Stove, Dishwasher, Built-In Microwave, Undermount Double Basin Sink, Kitchen Island / Breakfast Bar, Dining Area, and Plenty of Cabinet and Counter Space
Full Size Bathroom with Tub and Shower Combination / Walk-In Shower with Sliding Glass Doors
High Ceilings, Large Windows, and Private Entry with Glass Panel Door
Private Patio with Sliding Glass Doors
Laundry Room with Washer and Dryer
Select Units Feature Pond View
Air Conditioning / Heating
2304 COURTINA WAY | CONWAY, SC 29526
Unit Mix
22 three-bedroom units measuring 1,397 square feet each
30 four-bedroom units measuring 1,597 square feet each
Unit Mix
56 two-bedroom and two- and one half-bathroom units measuring 1,141 square feet each
801 TIP TOP LANE | MYRTLE BEACH, SC 29577
Community Amenities
Brand-New Townhome Community Just Minutes from the Beach and Area Attractions
Community Mailbox Area
Plenty of Convenient, On-Site Parking
Fully Maintained Landscaping with Manicured Grass, Plants, and Trees
Online Resident Portal
Within Walking Distance of Restaurants
Close to Public Transportation (Coast RTA Bus Line), Parks, Golf Courses, Schools, Stores, and Entertainment Options
Convenient Access to Highway 15, State Route 31, U.S. Highways 17 and 501, Myrtle Beach International Airport, Coastal Carolina University, and Downtown Myrtle Beach
Unit Amenities
Spacious, Open, Two-Level Townhome Design with Master Suite and Cutting-Edge Smart Technology
Beautifully Appointed with High-End Finishes Including Stainless Steel Appliances, Wood-Style LVP Throughout, Granite-Style Countertops, Shaker-Style Cabinetry, Modern Fixtures, LED Lighting Package, Lighted Ceiling Fans, and Shutters
Well-Equipped Kitchen with Electric Stove, Glass-Top Range, Refrigerator, Dishwasher, Built-In Microwave, Double Basin Undermount Sink, Breakfast Bar, Dining Area, and Plenty of Cabinet and Counter Space
Bathrooms with Tub and Shower Combination / Walk-In Shower and Downstairs Powder Room
Above Standard Ceiling Heights, Large Windows, and Expansive Walk-In Closets
Semi-Private Covered Entry, Private Patio with Sliding Glass Doors, Access to Shared Green Space and Outside Storage Closet
In-Unit Washer and Dryer
Smart Entry Deadbolt with Keypad
A
56
garden-style
townhouse
in the heart of Myrtle Beach, on Highway 15 just west of 3rd Ave S, about a mile from Myrtle Beach Boardwalk
2023
7
wood frame
two story
Class:
# of total units:
Style:
Type:
Location:
Year built:
# of total buildings:
# of stories/floors in each building:
Building materials:
vinyl siding
Exterior building materials:
pitched roofs with composition shingles
Roof type:
4.12 acres
Acres of land:
13.59 units per acre
Density:
yes
yes
yes
DR Horton - America’s Builder
Non-smoking:
Accessible community
Builder:
Pets allowed:
774 S Shelmore Blvd
Suite 105
Mt Pleasant, SC 29464
Charleston Office
4201 Congress Street
Suite 200
Charlotte, NC 28209
Charlotte Office
3700 Computer Drive
Suite 315
Raleigh, NC 27609
Raleigh office
355 S. Main Street
1st and 2nd Floor
Greenville, SC 29601
Greenville Office
Coastal Wind Townhomes Doc Center
The Grove at Ridgefield Doc Center
INVESTMENT HIGHLIGHTS
PROPERTY DESCRIPTION
Coastal Wind Townhomes
Coastal Wind Townhomes
The Grove at Ridgefield
The Grove at Ridgefield
Coastal Wind Townhomes
Coastal Wind Townhomes
The Grove at Ridgefield
The Grove at Ridgefield
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19M+
Visitors Annually
60 Miles
Of Beach Access
90+
World Class Golf Courses
2,000+
Full-Service Restaurants
DR Horton, the developer of Coastal Wind Townhomes and Bell’s Lake, is the largest homebuilder in the US. Since its founding in 1978, DR Horton has developed an extensive track record of single-family and multifamily projects throughout 33 states. The firm has served as the largest homebuilder by volume in the US since 2002 and has closed more than 1,000,000 homes in its 45-year history. DRH’s deep track record and sterling reputation ensures new ownership will acquire well-constructed luxury BTR product.
Premier National Homebuilder,
NMHC Top 10 Developer
05
#1 home builder in America since 2002
1 Million+ Homes delivered since inception
#120 on the Fortune 500 list (2023)
45 Year Track record of investing & developing
13,000+ Employees
113 Markets D.R. Horton is actively developing in
#1 leading Homebuilder By Volume
Meadows at Berkeley Ridge | Martinsburg, WV
Preserves at Tuscarora | Frederick, MD
*2021 closings including BTR Source: Builder 100 (2022)
Premier National Homebuilder,
NMHC Top 10 Developer
05
#1 home builder in America since 2002
1 Million+ Homes delivered since inception
#120 on the Fortune 500 list (2023)
45 Year Track record of investing & developing
13,000+ Employees
113 Markets D.R. Horton is actively developing in
05
05
*2021 closings including BTR Source: Builder 100 (2022)
Neighboring retail townhome comps are selling, on average, for approximately $334,000. The acquisition of Coastal Wind and Grove at Ridgefield demonstrates a unique opportunity to purchase like-kind rental product at a steep discount to its for-sale counterparts. The blended pricing guidance of the subject properties sits at a discount of nearly $23 PSF or 11% from the average retail price across both property comp sets.
Discount to Proximate For-Sale
Townhome Comps
02