We are pleased to announce that Argosy Real Estate Partners has closed on the acquisition of Seapath on 67h (the “Property”) a 224-unit multifamily community located in the Grande Dunes corridor of Myrtle Beach, South Carolina. The 2018-vintage property is situated on an 11-acre site approximately three blocks from the Atlantic Ocean and is the only property in its competitive set with walkable beach access. The Property benefits from proximity to major healthcare employers, Coastal Carolina University, Myrtle Beach International Airport, the Grande Dunes master-planned community, and the retail and entertainment amenities of Myrtle Beach.
The Property offers a mix of one- and two-bedroom apartment homes and features a standalone leasing and amenity center, resort-style pool, dog park, and pickleball courts. The acquisition provides an opportunity to acquire a well-located coastal multifamily asset with strong underlying fundamentals and operational upside. Occupancy has improved materially in recent months and the Property benefits from favorable long-term demographic trends, continued population growth, and limited new multifamily supply in the submarket.
The business plan includes a targeted capital improvement program focused on enhancing curb appeal, improving common areas, and upgrading unit interiors. Planned improvements include the addition of washers and dryers in all units, smart home technology, refreshed interior finishes, exterior repainting, and amenity enhancements. In addition to these physical improvements, the business plan includes a comprehensive operational repositioning featuring new branding, enhanced marketing initiatives, and institutional property management.
Argosy’s operating partner is Argyle Real Estate Capital, a Tampa-based real estate investment firm focused on acquiring and repositioning core-plus and value-add multifamily assets throughout the United States. The firm’s principals have collectively acquired more than $3.5 billion of real estate over their careers and bring significant experience in acquiring, repositioning, and operating multifamily investments.