MYRTLE BEACH, S.C.--(BUSINESS WIRE)--ACRE, a global real estate private equity firm, and its partner ARK Residential today unveiled plans for The Springs at Arcadia, a 150-unit single-family-rental (SFR) community in Myrtle Beach, South Carolina. Construction of the community is underway, and pre-leasing commenced in January of 2023.
ACRE and ARK Residential, will acquire the 150 homes directly from the builder, Atlanta-based Pulte Group. The Springs at Arcadia (www.thespringsatarcadia.com) will serve as the exclusive rental community within the larger master-planned community known as Arcadia. The partnership expects to deliver approximately 30 homes per quarter, with an estimated completion date of Q1 2024. Springs at Arcadia will be professionally managed by Elmington Property Management.
“We’re excited to plant a flag in Myrtle Beach, a market that is seeing tremendous growth recently, with particularly strong demand for SFR product,” said Bret Hewett, Vice President of Acquisitions for ACRE. “We’re thrilled to have ARK Residential partnering with us as we execute on ACRE’s broader mission of bringing high quality multifamily and SFR developments to under-served markets.”
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan, John Spreitzer and Aaron Graves arranged $37 million in acquisition financing with Arbor Realty Trust, Inc. for the project.
“The Springs at Arcadia will be a rare opportunity for rental tenants in Myrtle Beach. The property is surrounded by tall pine trees and feels very private and secluded, while having convenient access to large employers, supermarkets, and retail centers,” said David Beare, a co-founder and a partner of ARK Residential. “In addition, the community is zoned for the Socastee school district, one of the best public-school districts in Horry County.”
The Springs at Arcadia is part of a larger roll out of branded SFR communities under ARK’s ‘The Springs’ brand. Other communities are slated to open throughout the Carolinas, Georgia and Texas. The Springs will be tenant focused offering full-service rental housing with a wide array of amenity offerings focusing on health and wellness.
The Springs at Arcadia will feature three- and four-bedroom detached homes with varying floorplans, ranging in size from approximately 1,500 to 2,300 square feet. The one- and two-story homes will offer elegant interiors with top-of-the-line finishes; high-quality, energy-efficient appliances and fixtures; fully sodded and professionally landscaped front, rear, and side lawns; and two-car garages. Residents will also have access to the master plan’s recreational center, complete with a large clubhouse, pickleball courts, a resort-style pool, and more.
Located in the northeastern portion of South Carolina between Charleston and Wilmington, North Carolina, Myrtle Beach is a coastal resort city and a hub of the Grand Strand, a 60-mile complex of beach towns and barrier islands. Myrtle Beach is the heart of South Carolina’s well-established $24 billion tourism industry, and home to Myrtle Waves, one of the largest waterparks on the eastern seaboard; the Carolina Opry; the Myrtle Beach Boardwalk; Myrtle Beach State Park; Hard Rock Park; and over 90 golf courses.
Notable employers located in the region include GE Aviation, Lockheed Martin, Honeywell, Boeing, Conway Medical Center, Grand Strand Regional Medical Center, & Tidelands Health among others.
About ACRE
ACRE is a vertically integrated private equity firm specializing in commercial real estate through active investments in both direct equity and debt capital markets as well as special situation opportunities. ACRE manages a global portfolio in excess of $3.2 billion concentrated in U.S. multifamily with holdings in the United Kingdom and Southeast Asia through separate verticals. ACRE has offices in Atlanta, New York, and Singapore.
About ARK
ARK Residential LLC (“ARK”) is a real estate investment and management platform, created by Midtown Equities LLC and its partners to pursue quality single-family rental communities, multifamily, mixed-use assets and land development opportunities in key markets throughout the United States.
About Arbor Realty Trust
Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender, Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine, and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.
