Cambridge Golf Course in Evansville, Indiana, has been acquired by a local investor who owns a home near the property.
“[The buyer] had been interested in purchasing the club for a while and approached our firm with intentions to purchase the club, invest a significant amount of capital and take the club to the next level,” said Trevor Ekovich of Leisure Investment Properties Group, who advised on the sale. “The course has a rich history in the area and our goal was to find someone who appreciated the history and would build upon that moving forward.”
The seller was a partnership between two families who built the course. One was responsible for maintaining course/operations and the other was responsible for developing the community. Since the community was all but fully developed, both families felt it was time to divest the asset, Ekovich added.
Opened in 2000, the 18-hole championship course was designed by Timothy Liddy, ASGCA, with a Scottish-style links layout. It features sculpted bent grass greens built to USGA specifications and is the only links-style course in Southern Indiana.
The 168-acre property features a 7,200-yard public course located in an upscale residential community near schools, shopping, dining, hospitals and a regional airport. The location contributes to golf traffic that generates approximately $2 million in gross annual revenue.
Amenities include a practice facility, clubhouse, golf simulator, locker rooms, meeting rooms, restaurant, bar, pro shop, indoor and outdoor event spaces, full catering services and a wedding venue overlooking the 18th hole that can accommodate up to 350 guests.
The property presented strong investment potential due to recent improvements to the course and clubhouse, steady cash flow and untapped opportunities in food, beverage, banquet and event services.
However, the sale also involved resolving irrigation and cosmetic issues, as well as accounting for inventory, prepaid passes, membership credits and gift certificates, Ekovich said. Leisure Investment Properties Group facilitated solutions that benefited both buyer and seller, allowing the deal to close in under five months.
Originally listed at $2.8 million, the final purchase price was $2.6 million.
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