Buvermo Acquires Myrtle Beach 55+ Apartment Community

Inspire Coastal Grand will see capital investments, along with name change

MYRTLE BEACH, S.C., Nov. 1, 2022 /PRNewswire/ -- Buvermo Investments, a commercial real estate investment company, announced the acquisition of Inspire Coastal Grand, an active adult apartment home community in Myrtle Beach, South Carolina. The property, which now operates under the name, 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 housing, as the new property management team onsite. Greystar is also the leader in active adult space, currently operating 90 active adult apartment homes and roughly 15,000 units nationwide.

"We are seeing an influx of older adults migrating to coastal towns that are seeking connection and community," stated Kevin Woodley, Managing Partner at Buvermo. "Our goal in acquiring this resort-influenced community is to further develop community partnerships and both enhance the development offerings and innovate the operations for current and future residents. We are excited to be a part of all the growth in Myrtle Beach."

Myrtle Beach's first and only active adult community opened its doors in April 2021 to residents aged 55 years and older. The four-story, 194-unit development offers residents one-, two- and three-bedroom floorplans with private balconies and patios. Spanning over 9 acres, the community features include a resort-style pool, fitness center, yoga studio, creative arts room, theater room, billiards room, dog park, outdoor courtyards, walking trail, pickleball and bocce ball courts, and more. The property is located just minutes away from the Myrtle Beach Boardwalk and Promenade and near the Whispering Pines golf course, as well as a variety of shopping, dining, and entertainment options in the heart of Myrtle Beach.

"We are thrilled 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 in both broadening our collective portfolios and serving the needs of residents 55 and older in Myrtle Beach. We look forward to further developing this property's potential and offering tremendous value to the local community."

The Grove at Coastal Grand is currently the only active living community that offers rental units in the local Myrtle Beach area. Residents enjoy a resort-inspired carefree lifestyle, a strong sense of community, engaging programming with a plethora of on-site events, and amenities geared towards staying healthy and active, as well as a maintenance-free lifestyle—all differentiators between this property and others serving the 55+ age demographic.

Myrtle Beach is more than just a tourist destination and has been rated in the "Top 25 Best Places to Retire" by U.S. News & World Report, based on the happiness of local residents, housing affordability, tax rates and healthcare quality. With mild weather year-round and a coastal location with proximity to sprawling beaches and fine dining, the area draws tourists and retirees alike.

Formal re-grand opening activities for the newly named The Grove at Coastal Grand are slated 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 tour, visit TheGroveatCoastalGrand.com.

Buvermo Investments, Inc. is a national commercial real estate investment company based in Bethesda, MD. Since 1978, Buvermo has invested in both development projects and stabilized real estate including office buildings, apartments, seniors housing, condos, retail hotel and mixed-use. The company manages a portfolio of more than 19 properties across four states, as well as another vertical of active adult communities, Arden 55+ Living, with locations throughout the Southeast US.

F.N.B. Corporation, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite 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 F.N.B. Corporation website at www.fnbcorporation.com.

SOURCE Buvermo Investments