Buvermo Acquires Myrtle Beach 55+ Apartment Community | Company
Inspire Coastal Grand will see capital investments, as well as a name change
MYRTLE BEACH, South Carolina, Nov. 1, 2022 /PRNewswire/ — Buvermo Investments, a commercial real estate investment firm, announced the acquisition of Inspire Coastal Grand, an active adult apartment community in Myrtle Beach, Florida. Caroline from the south. The property, which now operates as The Grove at Coastal Grand, is located at 1749 Sea Pine Blvd.
The acquisition highlights Buvermo’s growing investment in the active adult sector and will bring capital improvements to the current property, as well as the introduction of Greystar, the global leader in rental accommodation, as a new team of on-site property management. Greystar is also the leader in the active adult space, currently operating 90 active adult apartments and approximately 15,000 units nationwide.
“We are seeing an influx of older people migrating to coastal towns in search of connection and community,” said Kevin Woodley, managing partner at Buvermo. “Our goal in acquiring this resort-influenced community is to further develop community partnerships and both enhance development offerings and innovate operations for current and future residents. We are excited to be a part of all the growth of Myrtle Beach.”
Myrtle Beach’s first and only active adult community opened in April 2021 to residents ages 55 and older. The four-story, 194-unit development offers residents one-, two-, and three-bedroom floor plans with private balconies and patios. Sprawling over 9 acres, community features include a resort-style pool, fitness center, yoga studio, creative arts room, theater room, billiards room, park for dogs, outdoor courtyards, a walking path, pickleball and pétanque courts, and more. The property is located minutes from the Myrtle Beach boardwalk and boardwalk and close to the Whispering Pines Golf Course, as well as a variety of shopping, dining, and entertainment in the heart of Myrtle Beach.
“We are delighted to partner with First National Bank on this acquisition,” said Jim Lindsey, managing partner at Buvermo. “We appreciate the opportunity to collaborate with each of these experienced entities both to expand our collective portfolios and to meet the needs of residents 55 and older in Myrtle Beach. We look forward to further developing the potential of this property and to deliver tremendous value to the local community.”
The Grove at Coastal Grand is currently the only active living community that offers rental accommodations in the local Myrtle Beach area. Residents enjoy a carefree resort-inspired lifestyle, a strong sense of community, engaging programming with a plethora of on-site events and amenities to keep you healthy and active, as well as a maintenance-free lifestyle – all the differentiators between this property and others serving 55+.
Myrtle Beach is more than just a tourist destination and has been named one of the “Top 25 Best Places to Retire” by US News & World Report, based on local resident happiness, housing affordability, tax rates and the quality of health care. With mild weather year-round and a coastal location near sprawling beaches and fine dining, the area attracts tourists and retirees alike.
Official reopening activities for the new The Grove at Coastal Grand are scheduled to take place in January 2023, along with open house festivities.
The Grove at Coastal Grand is open Monday through Friday from 9 a.m. to 6 p.m., Saturday from 10 a.m. to 5 p.m. and Sunday from 1 p.m. to 5 p.m. To learn more or to schedule a visit, visit TheGroveatCoastalGrand.com.
About Buvermo Investments, Inc.
Buvermo Investments, Inc. is a national commercial real estate investment firm based in Bethesda, MD. Since 1978, Buvermo has invested in both development projects and stabilized real estate, including office buildings, apartments, retirement homes, condos, commercial hotels and mixed-use buildings. The company manages a portfolio of more than 19 properties in four states, as well as another vertical of active adult communities, Arden 55+ Living, with locations throughout the Southeastern United States.
About First National Bank
FNB Corporation, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company with operations in seven states and the District of Columbia. FNB offers a full range of commercial banking, consumer banking and wealth management solutions through its branch network, which is led by its largest subsidiary, First National Bank of Pennsylvania, founded in 1864. Commercial banking includes corporate banking, small business banking, investment real estate finance, government banking, corporate credit, capital markets and leasing. The consumer banking segment offers a full range of consumer banking products and services, including deposit products, mortgages, consumer loans and a full range of mobile and online banking services. FNB’s wealth management services include asset management, private banking and insurance. Customers, shareholders and investors can learn more about this regional financial institution by visiting the FNB Corporation website at www.fnbcorporation.com.
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SOURCE Buvermo Investments