Capstone Closes $54.5 Million Sale of Brand New, Class A Apartment Asset in Myrtle Beach

MYRTLE BEACH, SC—Capstone Apartment Partners has closed the $54.5 million sale of Haven Pointe at Carolina Forest: a brand new, Class A, garden-style community in Myrtle Beach, South Carolina—one of the fastest growing markets in the country. The asset is comprised of 13 three-story apartment buildings with 304 spacious and upscale units. Located at 1001 Scotney Ln, Haven Pointe is ideally situated near US-17, US-501 and SC-31, which provide easy access to all the shops, amenities, and attractions Myrtle Beach has to offer.

Capstone’s Austin Green, Alex McDermott, Caleb Troop, and Rhodes Marley sold the property on behalf of the owner and developer, Brian Lucas with Lucas Unlimited. The buyer is Long Beach-based RK Properties, who will have the opportunity to push rents on second generation leases as current rents are below market.

“Haven Pointe marks RK Properties’ entry into South Carolina and complements our strategy of expanding our reach in the Southeast. We believe Myrtle Beach will continue to grow as it attracts out-of-state renters by offering an exceptional quality of life while remaining relatively affordable compared to other coastal destinations,” said Daniel Swersky-Louw, Director of Acquisitions & Dispositions at RK Properties.

Newly built in 2020, Haven Pointe experienced a remarkably strong and rapid lease-up despite COVID-19. The asset’s unit mix is comprised of one-, two, and three-bedroom apartment homes with the largest floorplans in the Myrtle Beach market. Each unit boasts wood-style flooring, modern espresso cabinetry, granite countertops, stainless steel appliances, walk-in closets, and washer/dryer connections. The community’s robust amenity package includes a resort-style pool, dog park, fitness center, business center, playground, grilling area, car wash station, laundry facilities, detached garages, and more.

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