Land•Multifamily•For Sale

Off Campus Student Housing Parcel

1482 Highway 544, Conway, South Carolina 29526

Sale Price $2,780,000
Sale Type Development
Zoning MRD-3, Multi-Residential 3- (includes Student Housing)
Class A
Land Area 7.9 Acres
Improvements 7.90 acres shovel ready for your contractor. Perfect development opportunity with majority of soft costs and engineering completed. Permitted use for multi-family and student housing. negotiated for property management contract and shuttle service between campus and project.
Land Use Student housing - Multi-family
Market Immediate
Sub-Market Myrtle Beach
The site is a 7.90 acre shovel ready parcel for a proposed 172-unit/480 bed student housing project to be developed approximately 1 mile south of the Coastal Carolina University (CCU) campus in Conway South Carolina. CCU is undergoing robust enrollment. Currently only 3,000 beds within a 1.5 mile radius of CCU to meet a support base of 6,580 beds. Enrollment has doubled since 2000 and increased 2.9% annually since 2012 to 2017 with current student body to over 11,500. The planned project will consist of 6 three-story buildings with gross area per bed of 360 square feet. It will target students attending CCU. The plans provide for three story, elevator served apartments specifically designed to accommodate student housing in one, two, and four bedroom units with single bedroom occupancy. The project has been pinned with the cooperation of the university, housing management company and arrangements have been made for shuttle service to and from campus. Much of the pre-development site work, including environmental testing, rezoning approval, engineering assessments, architectural drawings, and received full design and construction approval for the project. The site is shovel ready. The Property is located 0.1 miles west of the intersection of State Rod 544 and Singleton Ridge Road in Conway, South Carolina, approximately seven miles northwest of Myrtle Beach. Coastal Carolina University (CCU) is less than 1 mile to the north of the site with convenient and direct access to the campus. Other major land development around CCU include Horry-Georgetown Technical College and Conway Medical Center. The subject is surrounded by a place of worship, a former C-store, a Waffle House restaurant, McDonalds, Dunkin Donuts and numerous community service oriented establishments. the planned amenities for the project include a swimming pool, with cabanas, outdoor fire pits and kitchens, sauna, rooftop entertainment, deck with bar area and seating for up to 250 people, fitness center, theater, study rooms, juice bar, clubhouse, green space and 24-hour guarded secure property entryway and perimeter fencing. The site is a shovel ready site with much of the predevelopment work completed.
  • Shovel ready site
  • Only 1.2 miles from University campus
  • Robust enrollment and growth (CCU- 2017 10,663)
  • Only 3,000 beds within 1.5 mile radius of CCU campus to meet support base of 6,580 student beds
  • engineering studies completed-includes building plans
  • $3,522,720 projected annual income
  • Campus shuttle available
  • Housing management in place
2/21/2020 12:00:00 AM 2/24/2020 9:51:07 PM
Peter Perry
Broker/Owner
Sperry CGA | Perry CRE
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