315-unit project brings multifamily developer’s forward-thinking build-to-rent concept to Town of Leland

Sands Companies, a full-service, vertically integrated multifamily development and construction firm, began construction on its latest detached, horizontal cottage-style apartment home project in the Carolinas. The new development, Cape Cottage Apartment Homes, expands the firm’s trendsetting build-to-rent concept to the Town of Leland – just west of Wilmington, North Carolina.

Located on Westgate Boulevard, Cape Cottage Apartment Homes comprises 315 one and two-story cottages. The one, two and three-bedroom cottages range from 510 to 1,293 square feet. Sands expects to deliver the first completed cottages at the beginning of 2023.

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. The firm now has a rapidly growing portfolio of new developments in the Carolinas, Georgia and coastal Florida.

“We found that renters in our target markets were clamoring for product like this,” Sands President Joe Morrison said. “The pandemic made these spacious, detached cottages that much more desirable. Cape Cottage fills a void for such horizontal apartments in the Wilmington area.”

Cape Cottage’s in-home features include front porches, plank flooring, chef’s kitchens, vaulted ceilings, side pet yards* and walk-in showers* (***available in some cottages). The cottages are designed to allow for an abundance of natural light.

The community will have numerous amenities for residents, such as a resort-style pool with a sun shelf, private poolside cabanas with lounge seating, fitness center with Echelon fitness mirrors and spin bikes, private workstation pods and a game lounge.

Leland is one of North Carolina’s fastest-growing towns. It has nearly doubled its population since 2010 and is projected to possibly triple it by 2045. The town’s Leland 2045 master plan forecasts a need for 6,700 new homes to keep up with Leland’s growth over the next 25 years. 

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.