One of the Carolina’s leading real estate development groups including owners of Hilton Head Lakes and Stratford Land have formed a joint venture which acquired 15 Coastal Carolina residential and commercial real estate assets in the coastal Carolina region. The real estate portfolio includes over 7390 acres of fully-entitled land with a large amount of infrastructure already in place and 725 developed lots, 7245 partially developed lots, and 15,519 permitted lots within popular master-planned communities in Hilton Head and Myrtle Beach and one undeveloped parcel in North Myrtle Beach. The portfolio also includes two commercial loans secured by in-service assets such as a golf course, several office buildings, residential lots, and a beachfront property. A purchase price and immediate plans for the properties have not been revealed for the transaction that closed on December 22, 2010.
“The financial strengths of both groups combine to give this joint venture the staying power to ensure that each of these properties is developed to its highest potential at the perfect time.” In the Hilton Head area, the joint venture acquired Hilton Head Lakes – a fully entitled, 2700-acre master-planned development halfway between Savannah and Hilton Head; and Traditions – a 1900-acre, fully entitled, master-planned development with a Tommy Fazio championship golf course in play.
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