Charleston, S.C. – January 15, 2020 – Berkadia today announced it has arranged the sale and financing of The Cloisters at 67th and the Aviary Village Apartments in Myrtle Beach, SC, both garden-style multifamily properties. Managing Director Mark Boyce and Associate Director Blake Coffey of Berkadia’s Charleston office completed the $6.78 million sale of The Cloisters at 67th on behalf of Cloisters Capital, LLC and the $6.58 million sale of Aviary Village Apartments on behalf Savs Group. The buyer of both properties was Eskay Management. The deals closed January 9.
Senior Director Marc Possick and Associate Director Charles Rigoglioso of Berkadia’s New York office secured $10.5 million in combined acquisition financing: $5.4 million for The Cloisters at 67th and $5.1 million for Aviary Village Apartments. Both were 10-year, fixed-rate loans through Fannie Mae.
“The Myrtle Beach-Conway metropolitan statistical area (MSA) is the second fastest growing MSA in the country,” said Coffey. “These properties offer attractive incentives living in a region with an affordable cost of living and an increasingly diversified economic base, making them a great opportunity for acquisition.”
Located at 902 67th Avenue North, The Cloisters at 67th is walkable to the beach and close to Route 17, Myrtle Beach’s International Airport, the Tanger Outlets and some of the area’s top employers, including the Conway Medical Center. Amenities include a swimming pool, vaulted ceilings and fully equipped kitchen.
Located at 505 Wild Wing Boulevard, Aviary Village Apartments features 63 units in one- and two-bedroom floorplans. Community amenities include a swimming pool, playground and fitness center. It is conveniently located near a variety of restaurants and retails offerings as well as Coastal Carolina University.