Arendale Holdings, a real estate investment and development company based in Jacksonville, Fla., announced Dec. 27 that it has closed the transaction to become the sole owner and manager of The Cliffs Communities.
The transaction included acquiring the shareholder interests of SunTx Urbana and The Carlile Group led by Steve and Penny Carlile, a Marshall, Texas, couple who own a homesite in High Carolina. Carlile and his wife formed the Carlile Group in March 2012 after The Cliffs filed for bankruptcy to gain control of The Cliffs Club & Hospitality Group (Clubco), loaning Clubco $2 million to continue operations and formulate the plan for restructuring.
The eight mountain and lakeside Cliff Communities in South and North Carolina emerged from bankruptcy in 2012. In 2013, the Cliffs at Mountain Park unveiled its new $7.5 million, 18-hole, Gary Player-designed golf course.
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 Mountain Park, Valley, Glassy, Keowee Springs, Keowee Falls, Keowee Vineyards, Walnut Cove and High Carolina.
“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,” said Arendale Vice President Robert Wright. “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 mem
