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Middleburg Communities Sells Myrtle Beach Multifamily for $76M
Middleburg Communities has disposed of Mosby Carolina Forest, a 332-unit Class A apartment community in Myrtle Beach, SC, for $76 million. Cushman & Wakefield represented the seller; the buyer was The Walden Group.
The property was developed and managed by Middleburg Communities and reached stabilization in August 2020.
“Mosby Carolina Forest was developed to a level of finish and style not seen in the Myrtle Beach MSA before,” said Middleburg Communities chief investment officer Kory Geans. “The community was 20% leased prior to completion and exceeded our expectations on every front, despite delivering during the pandemic. The region’s growing jobs base, pleasant climate, and an abundance of natural resources in the area along with a contemporary design and exciting amenities appealed to discerning renters in the area.”
Mosby Carolina Forest features one-, two- and three-bedroom apartments in 10 buildings surrounding a 12-acre freshwater lake in Carolina Forest. Amenities include a lakeside walking path.
- ◦Sale/Acquisition
