Sands Companies Closes $26.3 Million Sale of ISLE Cottage Apartment Homes in Myrtle Beach

26 October 2021

Rapidly growing multifamily developer to utilize funds from the transaction for new projects in the Carolinas and targeted Southeast U.S. markets

Sands Companies, a full-service, vertically integrated multifamily development and construction firm, successfully completed the sale of ISLE Cottage Apartment Homes in Myrtle Beach, South Carolina. The $26.3 million transaction closed on Oct. 21, 2021.

An Atlanta-based real estate investment company focused on multifamily acquisitions in the Southeast and Midwest purchased the 99-unit community at 505 Silver Gaff Court in Myrtle Beach, South Carolina.

Sands first developed the concept to build detached, horizontal apartments in 2014, many years before the model was adopted by others in the multifamily industry. ISLE was the first such project completed by Sands, which now has a rapidly growing portfolio of new developments in the Carolinas, Georgia and coastal Florida.

The sale proceeds from the ISLE disposition will be reinvested in those projects. ISLE was 95% occupied at closing.

“This transaction is the culmination of our team’s vision to deliver a unique product to the Myrtle Beach area,” Sands President Joe Morrison said. “ISLE serves as a case study for the horizontal, detached cottages Sands delivers within spacious communities that offer exclusive amenities superior to those found in traditional apartment buildings. We look forward to bringing this product to numerous markets throughout the Southeast.”

ISLE features one and two-story front porch cottages with open-concept floor plans; chef-inspired kitchens with granite countertops and high-end finishes; luxury plank flooring; stainless steel appliances; modern white cabinetry; and powder rooms. The community’s amenities include a resort-style swimming pool; lanai with lounge seating; state-of-the-art fitness center; resident gaming lounge; picturesque courtyards; expansive pet park; and a picnic area.

Trevor Koskovich and John Currin of Northmarq arranged the sale on behalf of Sands.