Company transforming Grand Strand hotels, motels into affordable housing

MYRTLE BEACH, SC (WMBF) – Hotels and motels are now helping create more affordable housing options across the Grand Strand.

The efforts of the project are being led by an investment company specializing in income-generating residential and commercial real estate.

NDH Capital is converting many hotels and motels into apartment complexes.

Company President Roy Assaf told WMBF News Thursday that this is part of their long-term plan to provide affordable housing options to families in the Myrtle Beach area. The company has years of experience acquiring hotels and converting them into apartments, including properties along Chester Boulevard in Myrtle Beach and Conway.

Assaf says NHD Capital has just purchased three additional properties in the Grand Strand Hotel for a total of 254 units, one building in the Carolina Forest and two more along Ocean Boulevard, to expand housing options.

Properties will be renamed as part of the Pacer Communities brand.

What makes these soon-to-be condominiums affordable is the total cost of living for renters, which ranges from $800 to $1,200 per month, Assaf said.

All utilities and space furnishing will be included.

“We’re really cleaning up the areas, we’re cleaning up the reputation of the hotels,” Assaf said. “We’re stabilizing them with long-term tenants that we screen well. We’re renovating properties. So we’re introducing the community and the city.” [these housing options] That aligns with their plans to revitalize the area.”

“We’ve done a lot of this kind of work across the country,” added Shai Schlusselberg, managing director at NHD Capital. “One of the biggest problems in the hotel business is that you have to accept everyone unconditionally, you don’t know who is going to be staying there. When you join multiple beds, you want to create a safe and clean environment. Make sure you screen the tenants, make sure everyone is qualified and adhere to the rules so we can To provide a healthy and safe environment.”

The Myrtle Beach Housing Authority says Horry County itself is experiencing a shortage of affordable housing options, which are inundating potential Housing Authority residents trying to find a home.

“It’s a desperate situation,” said Carol McCall, director of operations for the Myrtle Beach Housing Authority. “Think of someone who’s been waiting for years for a voucher. They’ve been working in Myrtle Beach, living out of the jurisdiction because it’s the only way they can afford a place to live, they’ve traveled long distances to get to work. They’re really hoping to get somewhere closer. to work. They finally got the voucher and there are no units available.”

McCall says NHD Capital is taking steps in the right direction to address this problem.

“Most of the properties that Roy buys are old hotels, which means they are usually studios or maybe one bedroom. It has to be safe and habitable. Not only does it have to be something affordable. It’s also something that has to pass a scrutiny and that’s something he has been paying attention to. “.

NHD Capital says it now has nearly 350 units in the area, and plans to buy another 1,000 units over the next two years.

The Housing Authority said it will open a pre-application lottery waiting list for housing choice vouchers in January. They encourage people to visit the foundation’s website regularly to apply online and find more information.

For more information about rental options for apartments, contact the Property Management Team, J&P Asset Management at (843) 903-4007.

Copyright 2021 WMBF. All rights reserved.


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