ARDEN, N.C. — An investment firm, South Street Partners, has purchased The Cliffs properties, a group consisting of seven private clubs and six private luxury real estate communities in WNC.
According to The Cliffs' website, the properties include The Cliffs at Walnut Cove in Arden and six SC properties: The Cliffs at Keowee Falls, The Cliffs at Keowee Springs, The Cliffs at Keowee Vineyards, The Cliffs at Glassy, The Cliffs at Mountain Park and The Cliffs Valley.
Another former Cliffs property, the formerly Tiger Woods-affiliated Cliffs at High Carolina in Fairview, was later re-named Majestic Highlands. In 2017, News 13 reported the property was listed for auction.
MajesticHighlandsOfAsheville.com shows the property still for sale in 2019, with a current price tag of $15.9 million.
South Street Partners is a private equity real estate investment firm headquartered in Charlotte and Charleston. According to its press release on Friday, it's also one of the largest developers and operators of luxury residential private club communities in the country.
According to the release, South Street has acquired all of The Cliffs properties previously owned by Florida-based Arendale Holdings, LLC. South Street will now oversee development, management, operations, sales and marketing for The Cliffs and The Cliffs clubs.
“We are thrilled to acquire what is the premier collection of private mountain and lake communities in the Southeast,” said Patrick Melton, managing partner of South Street.
“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," Melton continued in the release. "We look forward to sharing our long-term vision for The Cliffs with our current and future residents in the coming weeks and months.”
The release further states that the firm previously acquired Kiawah Partners in SC, resulting in a significant increase in median pricing, low inventory levels, a record number of new homes breaking ground and sales topping $1.5 billion.
South Street says it also made a series of investments in the Kiawah Island Club that have "elevated the member experience and increased the value of the Club for all stakeholders."
It says it intends on rolling out many of these same strategies at The Cliffs.