GREENVILLE, S.C. — A Florida-based investment firm said it has become sole owner and manager of The Cliffs communities after acquiring shareholder interests of a group that brought the luxury real estate development company out of Chapter 11 bankruptcy proceedings.
Jacksonville, Fla.-based Arendale Holdings said it closed the transaction to acquire the shareholder interests of SunTx Urbana and The Carlile Group led by Steve and Penny Carlile.
Terms weren’t disclosed.
Officials from SunTx Urbana and The Carlile Group couldn’t be reached for comment.
With the acquisition, Arendale and its affiliates will control and manage all real estate development and sales functions, as well as club operations for The Cliffs communities at Walnut Cove and High Carolina near Asheville, as well as Mountain Park, Valley, Glassy, Keowee Springs, Keowee Falls, Keowee Vineyards in South Carolina, the investment firm said.
“Arendale Holdings continues to be excited about its investment in The Cliffs communities, and our increased financial commitment, we believe, demonstrates our confidence in the long-term strength of these fine communities throughout the Carolinas,” Arendale Vice President Robert Wright said. “With 70 new homes now under construction and the recent completion of the Gary Player Championship Golf Course at Mountain Park, we believe The Cliffs is poised for a vibrant future for its residents, club members and employees.”
Wright couldn’t be reached for additional comment.
In September, Player came to Greenville County for the official opening of the golf course that his company designed for the Cliffs at Mountain Park development north of Travelers Rest.
In the meantime, development has been frozen at High Carolina, the Cliffs community in the mountains near Asheville where Tiger Woods said he would put his first U.S. golf course design during a press conference with developer Jim Anthony in 2007.
Arendale Holdings is a diversified real estate investment and development company that invests in real estate and hospitality assets throughout the United States.
In its 40-year history, Arendale has developed residential, commercial, resort and golf course projects. The company provides investment and management support to more than 35 real estate partnerships and club operations in six states.
In 2012, The Cliffs Communities said the entities known as the Cliffs Club and Hospitality Group Inc. emerged from Chapter 11 bankruptcy proceedings under the ownership of Silver Sun Partners, LLC.
Silver Sun included Arendale Holdings; The Carlile Group, a diversified company based in Marshall, Texas; and SunTx Urbana, a real estate management and development company.
The partnership established Cliffs Club Partners, LLC, and Cliffs Land Partners, LLC, respectively, to manage club operations as well as real estate sales, marketing and development, Silver Sun officials said.
Earlier, The Cliffs Club & Hospitality Group Inc., part of developer Anthony’s golf- and luxury-home company, filed for bankruptcy protection, beginning the expected but still stunning rewrite of one of the Upstate’s most remarkable business-growth stories.