Timberlake is a 140-acre property master-planned community located on Highway 55 just west of Lake Wylie in York County, S.C. Carolina Capital (CC) purchased 102 finished and partially finished single-family residential lots on approximately 70 acres (Phase 1). The remaining acreage (Phase 2) was owned by a group of local investors. CC purchased Phase 1 after a market downturn which had created numerous issues for the Phase 2 owners and also impacted Phase 1 at the time of purchase.
A “broken” formal Development Agreement needed to be amended to allow Phase 1 to proceed forward including items such as utility installations and paving. Through careful negotiations, CC was able to resolve numerous issues with the owners of Phase 2.
CC was able to work with the Phase 2 owners to package the entire master-planned community and successfully sell both phases to a national homebuilder after only 8.5 months of ownership.