Lakes at Myrtle Park

Role

RPL provided due diligence and renovation oversight services on behalf of an institutional equity partner.

Unique Approach

• Worked through a category-four hurricane.
• Renovations staged to minimize impacts to residents.

Outcomes

• Clubhouse successfully renovated.
• Remainder of apartment units completed.

Scope of Work

Renovation of a garden-style multifamily property, built in two phases in 2004 and 2007, consisting of 16 three-story garden-style buildings containing 36 one-bedroom units, 264 two-bedroom units, and 60 three-bedroom units. Other features include a clubhouse, fitness facility, yoga room, tanning salon, business center, onsite stocked fishing lake, dog park, covered grilling areas, two salt-water swimming pools, walking trails, 540 surface spaces and 55 detached garage spaces.

Project Summary

• Client: One of the largest institutional private equity investment firms
• Location: Bluffton, SC
• Size: 360 units, 3 floors, 408,528 RSF
• Timeline: 2016 to 2018
• Services: Due Diligence and Renovation Oversight
• Cost: $56 million
• Architect: Barrett Design
• Contractor: Allsouth Renovations