CALABASH, N.C., Nov. 14, 2023 /PRNewswire/ — Affiliates of Harbor Group International, LLC (“HGI”), a privately owned international real estate investment and management firm, and Wakefield Residential an affiliate of L.M.Sandler & Sons, a premier build-to-rent and multifamily development company, today announced the joint venture for the ground-up development of Egret Landing, a 198-unit single family rental community in Calabash, North Carolina. Construction is underway and is expected to be completed in 2025.
Calabash is a growing coastal community near the South Carolina border and 25 miles from downtown Myrtle Beach. Residents of Egret Landing will be within 10 miles of beach access as well as a short distance from several dining, retail, and entertainment centers. The community’s proximity to major highways, including SC Highway 31, US Highway 17 and US Highway 904, will offer convenient transportation throughout the Wilmington–Myrtle Beach area, including the Myrtle Beach International Airport and various beach fronts.
“As Myrtle Beach continues to attract new residents, we anticipate strong, long-term single family rental fundamentals in the surrounding submarkets that offer similar lifestyle amenities at lower price points,” said Richard Litton, President, HGI. “Working in partnership with Wakefield, Egret Landing will offer what we believe to be highly desirable single-family rental (SFR) housing to meet the needs of the Calabash community.”
Egret Landing will consist of 54 paired villas with two bedroom floorplans and 144 three-bedroom detached rental homes, all with attached garages. The property will also feature a desirable amenity package, including a pool, clubhouse, fitness center, lounge and event space and a co-working area.
“Egret Landing will provide well-located and modern housing to Calabash and Myrtle Beach’s growing population,” said Alex Olson, Director of Development, Wakefield Residential. “We appreciate having a strong capital partner in HGI to deliver a high-quality community to the Myrtle Beach region.”
Egret Landing serves as HGI’s eighth transaction with L.M. Sandler and its affiliates. HGI’s investment in Egret Landing follows the firm’s acquisition Artisan Carolina Forest, a Myrtle Beach apartment community, in August 2023.
About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $20 billion, including 58,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv. Follow HGI on LinkedIn.
About Wakefield Residential
Wakefield Residential is a premier Build-To-Rent and Multifamily development company based in Virginia Beach, Virginia offering rental opportunities up and down the Eastern seaboard and in the Mid-Atlantic regions. While the company itself may be new, we are an experienced team that has been expertly providing land acquisition, quality construction development and leasing services for decades. As opportunities for vertically integrated development companies increased we decided to form Wakefield Residential. We are proud to be at the forefront of this rapidly-growing segment where residents choose to rent luxury apartments or single-family homes with exceptional and highly-amenitized community settings.
SOURCE Harbor Group International, LLC
Originally published at https://www.prnewswire.com/news-releases/harbor-group-international-funds-single-family-rental-development-near-myrtle-beach-301987577.html
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