Thursday, October 31, 2013
The master-planned Summerville community, The Ponds, is being sold.
Greenwood Communities and Resorts, which has owned the property since 2005, announced last Wednesday its intent to sell the property to Kolter Acquisitions LLC, a subgroup of Kolter Homes LLC, out of Florida, which owns properties throughout the Southeast.
According to John Morgan, the community manager at The Ponds, the contract has “gone hard, which means it’s very firm, and will close in early December.”
The sale price has yet to be released.
Morgan said the Self family, which owns Greenwood, is selling to take the company in a “different direction.”
“We are ready to get back to the business we know best: resort management,” said Bubba Self, Greenwood’s president, in a press release. “Our core business began as resorts with Palmetto Dunes Oceanfront Resort, and we are glad to get back to our roots and focus on this popular and beautiful oceanfront property.”
The Ponds is a 1,950-acre property that features 1,100 acres of nature preserve, community amenities such as a pool and historic farmhouse and an on-site YMCA.
Morgan said there won’t be much of a visible change with the sale, as the intention is to keep The Ponds’ current management intact, but there will be changes homeowners should be excited about.
“The changes are going to be good, very positive for the homeowners,” he said. “There’s going to be some new capital investments in the property and in the advancements of the amenities, which we will be announcing over the next several weeks.”
Representatives from Kolter could not be reached for comment.