Acquiring one of the Carolinas’ premier luxury resort destinations, South Street Partners, a boutique investment and management firm based in Charlotte, has bought out Kiawah Island’s developer. The Charleston-based firm, Kiawah Partners, previously spent the last 25 years as the island’s master developers.
According to the Charlotte Observer, full terms of the deal haven’t 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.
