We could not be more excited to work with Beau and his team to bring another world-class golf experience to our members, remarked Randolph. "The last thing we needed was another golf course." Chris Randolph of South Street Partners - the new owners of The Cliffs communities - remembers thinking that after the group acquired Kiawah Partners in 2013 and were determining what to do with a large centrally located piece of land on Kiawah Island, which already had half a dozen notable courses. Patricks focus was acquisitions, finance, project management, and operations oversight across the entire portfolio of communities. We received a call from a trusted advisor about an opportunity to acquire Kiawah Partners and their portfolio of properties in South Carolina, Ireland, and St. Kitts, recalled Randolph. The Cliffs, an amalgamation of seven Carolina mountain communities, has announced $40 million in new capital investments. The Fund could provide South Street with as much as $2.25 billion of unlevered buying power via these partnerships and co-investment vehicles. We think the golf consumer has gotten far more sophisticated in terms of what they expect. Wesley graduated from the University of Georgia with a bachelor's degree in Real Estate from the Terry College of Business. CHARLESTON, SC 29403. We are well positioned to weather a real estate slowdown, said Randolph. We worked through the holidays crunching the numbers and quickly realized how compelling the opportunity truly was.. From The Mountains to The Lakes and Everywhere In-Between. South Street Partners looks for opportunities. Prior to joining Brookfield, he worked at Situs on a dedicated asset management platform for TPG Real Estate Finance. She is proud to serve on the Board of Directors of Palmetto Goodwill and is a member of the Seasonal Employer Alliance. Please be aware that our efforts are ongoing. He was most recently a Senior Associate at Brookfield in New York where he focused on the asset management of debt and REO investments. He currently serves on the Medical University of South Carolinas Childrens Hospital Advisory Board, The First Tee of Greater Charlestons Board of Advisors, and the Charleston Regional Development Alliance Board of Directors. He has done an incredible job in a very short amount of time., Palmetto Bluff, a 20,000-acre community located in Bluffton, South Carolina, is the latest addition to South Street Partners continued push into luxury private residential club communities and resorts in the Southeast. Build highly targeted prospect lists. What does the fund allow you to do for the future, and how will it affect your existing portfolio of properties? By 2019 the timing was perfect. Pat is a graduate of State University of New York Fredonia with a bachelors degree in Business Administration with a concentration in Management, and a minor in Computer Science. Peter graduated from Southern Methodist University with a bachelors degree in Economics with Financial Applications. Jordan received a bachelors degree in Economics from the University of North Carolina at Chapel Hill. Glad to hear more appreciation for the decoupling of real estate strategy and golf course frontage. We will be updating our website over time to implement the relevant portions of the World Wide Web Consortiums Web Content Accessibility Guidelines 2.0 Level AA (WCAG 2.0 AA), which will also bring our website into further conformance with the Section 508 Web Accessibility Standards developed by the United States Access Board (Section 508). A marketing veteran with 22 years of industry experience, Amys focus as Vice President of Marketing for South Street Partners is to oversee the strategy and execution of marketing programs for corporate, real estate development, and club entities. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. All rights reserved. In 2013, the company bought Kiawah Partners, the master developer of Kiawah Island and owner of Kiawah Island Club & Real Estate , and still commands a dominant share of the real estate development and sales on Kiawah. Vice President of Homebuilding & Operations. Palmetto Bluff a ~20,000-acre private residential club and resort community located in Bluffton, SC just north of Savannah, GA featuring 32 miles of river frontage, a 5-star 200-key Montage Hotel, the Palmetto Bluff Club and May River Golf Club, Palmetto Bluff Realty and entitled land for approximately 2,500 additional residences. Bennette graduated from East Carolina University with a bachelors degree in fine arts. Henry graduated from Southern Methodist University with a bachelors degree in Business from the Cox School of Business. Dixie served as Wyndham Vacation Rentals Regional Human Resources Director across six states, as well as International Human Resources Director for Kiawah Partners, serving the US, St. Kitts, and Ireland. ", Longtime Kiawahresident, Chery Love, said she decided to join theAdvance Kiawah advisory committees because this initiative is "an opportunity to unite as a community to enhance the experience here.". https://lnkd.in/euxjYdCt, On September 8, South Street Partners joined MUSC to break ground on the long-awaited Sea Island Medical Pavilion. On Lake Keowee [at the Cliffs], we just set a record with a purchase price of $6.3 million. https://lnkd.in/euxjYdCt, Residences at Salamander, the highly anticipated community rising on the grounds ofSalamander Resort & Spa, has officially held its groundbreaking ceremony to mark the beginning of vertical construction on the first phase of homes. To date, the South Street Partners' leadership teams have been professionally trained on diversity, equity and inclusion and this training will soon be rolled out to all 500 employees. Philip graduated from the University of Georgia with a bachelors degree in Finance and Real Estate. South Street partner Chris Randolph said there would be no changes in The Cliffs' management team because "we bought an operating business and it's running well." In 2013, the South Street Partners acquired Kiawah Partners, the master developer of Kiawah Island. This article is part of our latest special report on International Golf Homes. South Street Partners, a Charlotte and Charleston-headquartered developer and operator of luxury residential private club communities, today announced the acquisition of The Cliffs - a collection of seven private luxury mountain and lake club communities in the western Carolina mountains. The Cliffs was almost like a sanctuary for those who were living here. Is that consumer-driven, or simply the best way to maximize profit? You can update your choices at any time in your settings. All conditions and descriptions of amenities and facilities are subject to the Developers continuing quality improvement programs. The timing wasnt right, Randolph said. And, were certainly happy about that. For more information, please visit CliffsLiving.com. South Street, a private equity development firm based in Charlotte, N.C., and Charleston, S.C., has scored major acquisitions of the Kiawah Island Club in South Carolina and its two golf courses; Palmetto Bluff in Bluffton, S.C.; and the Cliffs development, which is set in the Blue Ridge Mountains and has seven separate communities in South Carolina and North Carolina. Patrick is also a member of South Streets Investment Committee. I think its both. Two of the four partners, Patrick Melton and Jordan Phillips, worked for Arizona-based Discovery Land Company, a developer and operator of luxury private residential communities and golf resorts, in 2008 when the real estate market started to collapse. Both are from North Carolina and were tired of traveling 300-plus days a year. It was a great time to start a company buying real estate, Phillips adds. South Street Partners started looking at The Cliffs in 2010. Its not just Monday through Friday 9-to-5. Its golf, mountain, and lake amenities were best in class, but just needed some fresh operational oversight and capital for necessary renovations and new amenities. Much of that growth came from people escaping high-tax, high cost-of-living areas in the northeast. "Ultimately, much of the credit is due to the previous ownership. If you're searching for Chris Randolph South Street Partners topic, you have visit the ideal . South Street Partners is committed to facilitating the accessibility and usability of its website. Finally, we shifted the focus from a traditional country club dominated by golf to a family-centric club with a variety of amenities and programming that attracts all ages.. Watercolor artist. Well continue to build the clustered neighborhoods around those amenities. From our perspective, that means what I would call a core golf course with little to no real estate impacting the golf experience. South Street has really made a push into offering turnkey homes at its properties. Advance Kiawah is a multifaceted initiative to create a diverse, equitable, and inclusive future for Kiawah Island. In May 2013, Kiawah Partners was sold to South Street Partners who retained all of the development staff and have kept the original Kiawah Partners vision intact. 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While attending college, Pat was hired by Abacus 21, a Buffalo based hospitality software developer. Starting at 4,500 square. The Fund can invest across the entire spectrum of real estate asset classes but will be primarily focused on upscale and luxury resort and residential opportunities including its first two investments: The Fund secured commitments from a broad range of high-quality limited partners including family offices, Registered Investment Advisors, wealth management firms, funds of funds and high-net-worth investors through an oversubscribed fundraising process. It will include a short course and a practice facility for members. Henrys responsibilities at South Street Partners include acquisitions, development, and asset management. Another factor thats driving this for us is that, at Kiawah, we actually see premiums for lots and homes on the parks that weve developed versus golf courses. Anyone can read what you share. We want to create the best golf experience possible. The island accommodates more than 400,000 visitors annually. Deciding to focus on the Island's overall development, rather than the day-to-day operation of a resort, Kiawah Partners sold the resort amenities the following year. , Patrick Melton, our managing partner of South Street, was interviewed by Charleston Business Magazine for their cover article,Living Large. In November 2020, the Kiawah Island Club launched a new employee initiative,Kiawah in the Communityunder the Advance Kiawah umbrellaa program designed to engage their employees in volunteer opportunities in an effort to serve the greater Sea Islands community in a more targeted and effective way than previous employee volunteer programs. The appeal of Palmetto Bluff is enhanced by access to a Jack Nicklaus Signature course. https://lnkd.in/euxjYdCt. His responsibilities included operations, development and project management across all owned properties. ", "We know authentic change doesn't happen overnight,"said Jordan Phillips, partner at South Street Partners. They still wanted a second home, but they were willing to trade some of the customization for a turnkey product that checked probably 90 percent of their boxes. We listened to existing property owners with open ears, and I credit three factors for our initial success on one of Americas most famous barrier islands, continued Randolph. When it comes to second homes and golf communities, South Street Partners has more than a dozen years of experience under its belt, riding the industry through economic ups and downs and the increased popularity of drive-to developments in the wake of Covid-19. Prospector. The partners at South Street Partners are, from left, Will Culp, Jordan Phillips, Patrick Melton and Chris Randolph. Presented plans, materials and specifications are subject to architectural and other revisions at the sole discretion of the developer, builder or architect, or as may be requested by law. "We were all leaving great jobs in the world of private equity real estate and development during a significant economic downturn. Her experience includes Human Resource management across multiple industries with a focus on hospitality. South Street Partners Announces Final Closing of Oversubscribed Inaugural Discretionary Fund, 2820 SELWYN AVENUE, SUITE 500 On September 8, South Street Partners joined MUSC to break ground on the long-awaited Sea Island Medical Pavilion. That separate company, now known as Kiawah Island Golf Resort, opened in 2004, The Sanctuary, a luxury oceanfront hotel, featuring 255 rooms as well as dining, conference, and recreation facilities, including a spa, fitness center, and indoor and outdoor pools. . We werent necessarily targeting high-end master-planned communities at that point in the cycle, and we still have a segment of our business outside of that space. We are proud to say we are the largest homebuilding company at Kiawah and The Cliffs, and are also getting the program going at Palmetto Bluff as we speak. During his time at Kiawah Partners, Pat has overseen the IT Departments on Kiawah Island, Doonbeg Golf Club in Ireland, Christophe Harbour in St Kitts, and now The Cliffs. Most recently, Chris was a Director with Heritage Golf Group, a boutique owner and operator of private and daily fee golf clubs throughout the Southeast. Chris Randolph, a partner in South Street Partners, at the Cliffs at Mountain Park, a development in Marietta, S.C. Henry is a native of Statesville, North Carolina. If, at any time, you require assistance please contact us directly at 828.631.1042. We may have a bit of a novel approach in that were not necessarily layering in real estate directly on the golf course. He served a six-year term on The First Tee of Greater Charleston Board of Trustees (including two years as Board President) and served as Co-Chair of the Friends of the Muni which raised money to renovate the Charleston Municipal Golf Course. Any furniture, appliances or decorator ready items depicted herein are shown for artistic and illustrative purposes only and are not included in the purchase and sale of the residence. Former Talent Acquisition Leader. "It is important that our community be more representative of our nation, our world. Maybe well scale back a little bit on some of the larger spec homes, but I dont think it changes our business plan much at all, if any. Copyright 2023 by Pazdur Publishing, Inc. & Executive Golfer Magazine, All Rights Reserved. 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