East West Partners (EWP) and its capital adviser, Patterson Real Estate Advisory Group, said on Tuesday that construction is underway on Tides IV, a 54-unit luxury waterfront condo community in Mount Pleasant, near Cooper River Bridge, overlooking Charleston Harbor.
Tides IV was originally developed in 2007 during a shaky economy. In late 2013, EWP purchased the defaulted note secured by the remaining 50 unsold residences, and in 2014, it began to market the 50 unsold units.
“By starting with the existing 50 units and re-introducing the Charleston community to the Tides brand, we were able to illustrate that there was tremendous pent-up demand for quality waterfront residential product that offered a true lock-and-leave lifestyle,” Miller Harper, managing partner for EWP in Charleston, said. “We’ve taken that momentum, rolled it into new construction at Tides IV, and today will break ground on 54 homes that are truly representative of the quality of design and luxury that East West Partners is known for across the country.”
Wanting to capitalize on the opportunity, Patterson Real Estate Advisory Group organized a partnership between EWP, the Carlyle Group and Synovus Financial Corp.
“Both Carlyle and Synovus recognized the unique opportunity that East West created – one that combines best-in-class sponsorship, product and location, with proven pricing and velocity,” Patterson's Ken Grimes said.