Photo Courtesy of Kiawah Island Resort
Acquiring one of the Carolinasí premier luxury resort destinations, South Street Partners, a boutique investment and management firm based in Charlotte, has bought out Kiawah Islandís developer. The Charleston-based firm, Kiawah Partners, previously spent the last 25 years as the islandís master developers.†
According to the Charlotte Observer
, full terms of the deal havenít been disclosed but the new firm will now oversee the development of the remaining residential inventory, a real estate company, a shopping center and resort properties in Ireland and the Caribbean, and the members-only Kiawah Island Club. Excluded in the transaction is the Kiawah Island Golf Resort, home to the Ocean Course as well as The Sanctuary
, a five-star/five-diamond hotel.
More than 10 miles of ocean frontage make up the 10,000-acre island community located 21 miles south of Charleston. South Street Partners has $500 million in equity invested throughout their 15 luxury residential club developments. The firm is currently evaluating the newest properties and has no immediate plans for changes, but sees a minimum 10-year investment for the firm and its backers.