CWCapital Asset Management, Advantage Properties and Cove Property Management Acquire Myrtle Beach Apartment Community

LITTLE RIVER, S.C., Dec. 13, 2021 /PRNewswire/ -- CWCapital Asset Management ("CWCapital") and co-sponsors Advantage Properties and Cove Property Management (collectively, "APC") today announce their partnership to acquire River Oaks Village, a 190-unit, Class A apartment community in North Myrtle Beach, S.C., for $48.5 million. APC will assume management of the property.

Located in Little River, 25 miles north of Downtown Myrtle Beach, River Oaks Village is situated near miles of coastal beaches along the Atlantic Ocean. The property is a short distance to waterfront dining and shopping destinations as well as grocery and convenience store options. Adjacent to Highway 17, residents are easily connected to the area's ample golf courses and resorts, Myrtle Beach International Airport and several dining, shopping, and entertainment destinations along the coast.

"The Myrtle Beach community has evolved from a favored vacation destination to a long-term living locale and has experienced rapid population growth in recent years driven by retirees desiring warmer weather and convenient access to recreation and leisure," said Regina Lubin, Chief Investment Officer, CWCapital. "As the area continues to attract new residents seeking high-quality housing, River Oaks Village presents an opportunity to acquire a well-maintained and well-located community positioned for rent growth. We look forward to partnering with APC to achieve the robust business plan designed for this community." 

Completed in 2019, River Oaks Village includes single story cottage-style units with large floor plans and connecting one- or two-car garages, offerings that are unique to neighboring communities. The property features a well-appointed amenity set, including a clubhouse, fitness center and a swimming pool with a sundeck.

About CWCapital Asset Management
CWCapital is a diversified real estate investment management firm. Since inception of the investment team in 2013, CWCapital has invested in over 30 properties and defaulted loans totaling $1.3 billion across multifamily, office, industrial, retail and hospitality assets in secondary and tertiary markets across the United States. Our team of commercial real estate experts utilizes decades of experience to generate high returns on investments, focusing on value-add and opportunistic investments from $10-$75 million. With integrity and attention to detail, we build real value and relationships.

About APC
Advantage Properties and Cove Property Management are based in Maryland.  Together since 1985, the principals of AP and Cove have acquired more than 43 properties comprised of approximately 6,400 apartments in the eastern U.S.  Advantage Properties provides asset management services for the portfolio, while Cove provides property management services.

SOURCE CWCapital Asset Management

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