Myrtle Beach has experienced significant growth in new home construction in recent years and numerous builders are now active with construction in the area. Knowledge of the builder is a key factor in determining which new home community to choose, including stability of the company.
Lennar Corporation is one of the most prominent builders of new home construction in the Myrtle Beach area. The purpose of this post is to provide some insight into recent Lennar activity as a company and some of their plans to sustain growth in the homebuilding industry.
On December 18, 2024, Lennar officially filed with the Securities and Exchange Commission to spin off its land holdings into a new publicly traded real estate investment trust (REIT) named Millrose Properties.
This move will allow Lennar to concentrate more on its core competencies in home design and construction, while Millrose Properties will manage land acquisition and development, providing finished homesites to Lennar and potentially other builders.
In the Myrtle Beach area, as of December 2024, Millrose Properties currently owns the following pieces of land:
(1) An approximate 33 acre piece of property adjacent to the existing community of 57th Place in Longs. Horry County has approved development for 316 single family homes and 80 multi-family homes. Thus far, 236 single family homes have been platted and developed in the new home community of 57th Place. None of the multi-family units have been developed. As of December 2024, Lennar has not yet formally announced plans for this community.
(2) Waterway Commons in Myrtle Beach where approximately 75 single-family homes are planned to be built. As of December 2024, Lennar has not yet announced plans or timing for Waterway Commons.
(3) Townhomes in Victory Point in Carolina Forest that Lennar started to sell in December of 2024 and is expected to construct approximately 400 townhomes.
(4) Indigo Creek in Murrells Inlet whereby as of December 2024, Lennar has started to sell the initial set of about 30 single family homes.
Community data courtesy of Myrtle New Homes