Business

Atlanta developers buy Oldfield from Crescent Resources

Atlanta developers have bought Oldfield -- a gated 920-acre development in Okatie -- from Crescent Resources, Oldfield officials announced Tuesday.

TI Oldfield Development, a subsidiary of SF Capital of Atlanta, bought 136 of about 470 lots, as well as all amenities and assets on the property, which is on the banks of the Okatie River and off S.C. 170 between Bluffton and Beaufort.

The development includes an 18-hole golf course designed by Greg Norman; a golf clubhouse; three community docks; an outfitters center from which guides lead fishing and kayak trips; a river house for entertaining; boat storage; stables; trails; and freshwater fishing ponds.

Terms of the deal, which closed last week, were not disclosed.

TI Oldfield Development is a new company seeking partially developed and distressed real estate projects in the Southeast. It plans to offer new homes as soon as possible and hopes to bring "new life" to Oldfield, said John Ussery, a principal at Gateway Realty of Bluffton, which represented the company.

Gateway will market all of Oldfield's new homes, ranging in price from $300,000 to $2 million.

SF Capital's founders have been involved in residential development for nearly 25 years, including subdivisions in the Atlanta area and gated residential communities near Highlands and Cashiers, N.C.

Oldfield has been owned by Crescent, which also owns Palmetto Bluff in Bluffton, since 2000. Crescent, a land-management and real estate-development company and a former subsidiary of Duke Energy, emerged from Chapter 11 bankruptcy protection in June.

Phillip Galbreath, a principal with SF Capital, said the firm was attracted to Oldfield's financial model, which allows property owners to select their desired level of membership. The natural beauty of the development and its amenities "create a lifestyle that is truly unique and compelling for anyone looking to enjoy ownership along the Southeast Coast," Galbreath said in a news release.

Tom Jackson, broker in charge at Gateway, said the sales team at Oldfield will remain.

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