Case Study

Opportunistic Multifamily Development

Waterleaf at Palmetto Pointe
Myrtle Beach, South Carolina

Year Acquired
2014
Year Sold
2017
Number of Units
216
Hold Period
< 3 Years

Opportunity

Buligo Capital Partners acquired a partially developed property comprised of 48 fully occupied apartment units with an opportunity to develop an additional 10 acres of land. The existing units were built in 2010, but the development company went bankrupt, the remaining land was never built and the property was foreclosed by the lender.

Location

Due to the property’s strategic location with frontage on a high-traffic thoroughfare and accessibility to highways/employers within Myrtle Beach and its surrounding areas, the project’s viability not only still existed, but was further enhanced by its current cash flow.

Result

The acquisition provided the unique opportunity to leverage the property’s existing cash flow while constructing community amenities, as well as the remaining 168, fully-entitled apartment units. Furthermore, the completion of the project enhanced the marketability of the existing units which enabled substantial rent increases. Through Buligo's local relationships and construction partner, the project earned outsized returns in under three years.