Argosy Real Estate Partners Acquires 224-Unit Myrtle Beach Multifamily Community With Argyle Real Estate Capital
Argosy Real Estate Partners has acquired Seapath on 67th, a 224-unit multifamily community located at 6710 Wahoo Dr in Myrtle Beach, South Carolina's Grande Dunes corridor, the firm announced July 21. Tampa-based Argyle Real Estate Capital is serving as operating partner on the transaction. The purchase price was not disclosed.
Property Overview
Seapath on 67th comprises four-story buildings offering a mix of one- and two-bedroom apartment homes ranging from approximately 775 to 1,327 square feet. The 2018-vintage community sits on an approximately 11-acre site roughly three blocks from the Atlantic Ocean. Amenities include a standalone leasing and amenity center, resort-style pool, dog park, pickleball courts, fitness center, business center, EV charging, and community Wi-Fi. Interior finishes include stainless-steel GE appliances, granite countertops, and oversized walk-in closets.
The property is the only asset in its competitive set with walkable beach access, according to Argosy. It is situated in proximity to Grand Strand Medical Center, Coastal Carolina University, Myrtle Beach International Airport, and the Grande Dunes master-planned community.
The community is approximately 91% occupied, with one-bedroom rents ranging from roughly $1,299 to $1,820 and two-bedroom rents from roughly $1,563 to $2,515. Argosy noted that occupancy has improved materially in recent months.
Value-Add Business Plan
Argosy's business plan centers on a targeted capital improvement program and a comprehensive operational repositioning. Planned physical upgrades include the addition of in-unit washers and dryers in all apartments, smart home technology, refreshed interior finishes, exterior repainting, and enhancements to common areas and amenities.
On the operational side, the plan calls for new branding, enhanced marketing initiatives, and institutional property management. Prior to the acquisition, the property was managed by Hawthorne Residential Partners.
Argosy cited the property's strong underlying fundamentals, favorable long-term demographic trends, continued population growth, and limited new multifamily supply in the submarket as key drivers of the investment thesis.
Sponsor Profiles
Argosy Real Estate Partners focuses on joint-venture investments in value-add and opportunistic strategies across multifamily, industrial, and other property types. Argyle Real Estate Capital is a Tampa-based real estate investment firm that targets core-plus and value-add multifamily acquisitions and repositionings throughout the United States. The principals of Argyle Real Estate Capital have collectively acquired more than $3.5 billion of real estate over their careers.
Myrtle Beach Market Context
Myrtle Beach's Grande Dunes corridor is characterized by constrained land availability and community controls that limit the pipeline of new ocean-adjacent multifamily product. Demand in the market is underpinned by in-migration, healthcare and education employment anchors including Grand Strand Medical Center and Coastal Carolina University, and growing year-round population tied to the hospitality and service sectors.
Argosy's acquisition of a recently built coastal asset with improving but not fully stabilized occupancy positions the deal as a value-add play aimed at capturing both rent growth and operational efficiencies as the submarket continues to firm.