One of the Carolina’s leading real estate development groups, including the owners of Hilton Head Lakes, and Stratford Land have formed a joint venture which has acquired 15 coastal Carolina residential and commercial real estate assets.
The real estate portfolio includes over 7,390 acres of fully-entitled land with a large amount of infrastructure already in place and 725 developed lots, 7,245 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.
Hilton Head & Myrtle Beach Properties
In the Hilton Head area, the joint ventures’ assets include Hilton Head Lakes, a fully entitled, 2700-acre master-planned development halfway between Savannah and Hilton Head, and Tradition, a 1900-acre, fully entitled, master-planned development with a Tommy Fazio championship golf course in play.
In the Myrtle Beach area, the acquired properties are: Wild Wing Plantation, a 1,000-acre development with a 27-hole golf course community; Sandridge, a 1,600-acre undeveloped parcel of land bordering the Intracoastal Waterway in North Myrtle Beach; Grey Plantation Parcel, one of the last undeveloped parcels in the 8,000-acre, master-planned Carolina Forest development that is popular with national homebuilders; and Windsor Plantation, a 300-lot development located seven minutes from the ocean with active home building underway.
The Private Investor Group is lead by managing members, Ralph Teal, Carson Benton and Lawton Benton, known for their successful development of Wild Wing Plantation, Plantation Lakes and Cypress River Plantation, among numerous other developments over several decades.
A Strong Capital Partner
Ralph Teal, Myrtle Beach-based managing member of the joint venture, commented on the importance of securing a strong capital partner.
“After hand-picking properties for acquisition, our goal was to find the strongest capital partner possible that would be a good fit for us and the portfolio we had assembled. We are delighted Stratford Land is joining us as a partner and long-term investor in this region,” Teal said.
“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.”
Stratford Land’s MacDonald explained, “We were able to acquire these properties outright, unencumbered of debt, giving our partnership the competitive advantage and flexibility to develop and market prime properties as the market is ready for them.”
About the Partners
SB Investment/Development (SBID) is a partnership of many talented individuals with a proven 40-plus years of real estate development success in the Carolinas. The company is based in Myrtle Beach, SC.
A list of successful developments that include Governors Club in Chapel Hill, NC; Carolina Trace and Carolina Lakes in Sanford, NC; River Landing, Wallace, NC; Plantation Lakes, Cypress River Plantation and Wild Wing Plantation in Myrtle Beach, SC.
Stratford Land has 25 years of successful land investment management on behalf of institutional investors. Based in Dallas, Texas, the fund focuses on acquiring properties in high-growth corridors in Texas, Arizona, southern California, Colorado, Tennessee and the eastern seaboard from Virginia to Florida. Regional offices are currently located in Phoenix, Atlanta, Denver, Jacksonville and Raleigh.
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