MYRTLE BEACH, SC (WMBF) – Hotels and motels are now helping to create more affordable housing options in the Grand Strand area.
A boutique investment firm specializing in income-producing residential and commercial real estate is leading the project’s efforts.
NDH Capital transforms several hotel and motel properties into apartment complexes.
Company president Roy Assaf told WMBF News on Thursday that this was part of their long-term plan to provide affordable housing options to families in the Myrtle Beach area. The company has years of experience in acquiring hotels and converting them into apartments, including properties along Chester Street in Myrtle Beach and Conway.
Assaf says NHD Capital has just purchased three more hotels / motels in Grand Strand for a total of 254 units, one building in Carolina Forest and two more along Ocean Boulevard, to expand accommodation options.
The properties will be renamed as part of the Pacer Communities brand.
Assaf said what makes these future apartment complexes affordable is the overall cost of living for renters, ranging from $ 800 to $ 1,200 per month.
All utilities will be included and the space will be furnished.
“We really clean up the areas, the reputation of the hotels,” Assaf said. “We stabilize them with long-term tenants that we sort out well. We renovate properties. We therefore offer to the community and the city [these housing options] that go hand in hand with their plans to revitalize the region.
“We have done a lot of this type of work across the country,” added Shai Schlusselberg, Managing Member of NHD Capital. “One of the biggest problems in the hospitality industry is that you have to accept everyone without conditions, you don’t know who is staying there. When you step into a multi-family, you want to create a safe and clean environment. Make sure you screen renters, make sure everyone qualifies and follows the rules so that we can provide a healthy and safe environment.
The Myrtle Beach Housing Authority says that Horry County itself lacks affordable housing options, which is affecting potential residents in Housing Authority jurisdiction trying to find housing.
“It’s a desperate situation,” said Carol McCall, director of operations for the Myrtle Beach Housing Authority. “Think of someone who has been waiting for years to get a voucher. They worked in Myrtle Beach, they live out of jurisdiction because it’s the only way they can get housing, they have traveled long distances to get to work. They really hope for a place closer to work. They finally get the voucher and there are no units available.
McCall says NHD Capital is taking steps in the right direction to address this issue.
“Most of the properties Roy buys are old hotels, which means they’re usually studios or maybe one bedroom. It must be safe and livable. Not only does it have to be something affordable. It’s also something that needs to pass inspection and it’s something he paid attention to.
NHD Capital says they currently have nearly 350 total units in the region and plan to acquire 1,000 more over the next two years.
The housing authority said it will open the pre-application lottery waiting list for housing choice vouchers in January. They encourage people to regularly visit the organization’s website to apply online and find more information.
For more information on apartment rental options, contact the property management team, J&P Asset Management at (843) 903-4007.
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