The real estate company that oversees the residential development on Kiawah Island now owns seven luxury mountain communities in the Upstate and western North Carolina.
South Street Partners, with offices in Charleston and Charlotte, said Friday it acquired The Cliffs, a collection of private luxury mountain and lake communities. The seller was Florida-based Arendale Holdings LLC. Financial terms were not disclosed.
South Street will oversee development, management, operations, sales and marketing for The Cliffs and The Cliffs Clubs.
Patrick Melton, the company's managing partner, said the properties make up "the premier collection of private mountain and lake communities in the Southeast.”
“The setting of The Cliffs communities, nestled in the Blue Ridge Mountains with close proximity to booming Greenville and Asheville makes this a very unique opportunity," he said. "These communities are well-positioned to benefit from the unprecedented demand occurring in the Carolinas and offer everything future residents are seeking in a world-class community."
The former owner called South Street a good fit for the mountain communities.
"In the past six years, Arendale Holdings has invested significant capital into The Cliffs, bringing this iconic brand back to a leading collection of club communities," said Fred Ridley, chairman of Arendale Holdings Corp. and Silver Sun Partners.
South Street said it hopes to bring the same development approach it uses at Kiawah to its inland investment.
Since it acquired Kiawah's master developer Kiawah Partners in 2013 , the company said median prices have increased, housing inventory has fallen to the lowest level in more than a decade, a record number of new homes has broken ground and sales have topped $1.5 billion.
Among other amenities, the Cliffs properties have seven clubs, seven golf courses, a marina, tennis complexes and more than a dozen restaurant and private event venues. Homes range in price from $350,000 to more than $6 million. Home sites start at $125,000.