Buvermo Investments has completed its acquisition of The Grove at Coastal Grand, a four-story 194-unit active adult, senior living community located at 1749 Sea Pine Blvd. in Myrtle Beach, S.C. Buvermo acquired the property, formerly called Inspire Coastal Grand, from Liberty Senior Housing for an undisclosed amount, according to CommercialEdge data. Following the acquisition, Buvermo will hire Greystar for property management duties and will conduct a series of capital improvements on the property, planning to reopen in January 2023.
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The Grove at Coastal Grand was completed in 2021 and hosts 192,508 square feet of space built over 9 landscaped acres, according to CommercialEdge data. The community offers a mix of one-, two- and three-bedroom floorplans for residents age 55 and older. Units feature private balconies and patios. Amenities include a swimming pool, fitness center, art studio, theater room, dog park and sports courts. Situated along the Robert M. Garrison Parkway, The Grove is 2 miles from the Myrtle Beach coast, in addition to its many boardwalk-area retail and dining attractions. The property is located 1 mile from Myrtle Beach International Airport.
South Carolina’s senior living sphere
The sale of The Grove at Coastal Grand takes place as South Carolina presents itself as a moderately priced market for retirees, with a housing price index of 92.6, according to seniorliving.org. With nearly 2 million residents qualifying for senior discounts, the state provides 670 different senior living options, offering a diverse array of options for care and arrangements, the same data shows.
Overall, South Carolina remains an in-demand market for migration, as cities such as Charleston enjoy considerable population increases from both job-seekers and retirees. Another recent headline in the area is the CP Capital and Greystar joint venture to develop Montague Corners a 336-unit community in North Charleston.