The Graford, Texas resort, located on Possum Kingdom Lake about 65 miles west of Dallas-Fort Worth, is officially on the market. The property includes upscale and casual dining, a spa and fitness center, a 182-slip private marina, conference center, championship golf course, and a 1,090-acre residential community.
The Cliffs Resort on Possum Kingdom Lake in Graford, Texas is up for sale.
“The Cliffs Resort is the gem of Texas,” said Christopher Karamitsos, Senior Investment Advisor, National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services. “Very rarely does a property of this magnitude become available for aspiring investors. This championship golf course is rated 4 ½ Stars by Golf Digest and includes a master-planned 1,090-acre residential community perched 200 feet above Possum Kingdom Lake.
“The Resort also houses deluxe accommodations, upscale and casual dining, a spa and fitness center, a 182-slip private marina, ship store, conference center, swimming pools and tennis courts. Under motivated leadership and management, we are conservatively projecting Pro Forma NOI / EBITDA in excess of $700,000 at the end of the year one. Additionally, the property offers 425 ready-to-build lots representing a discounted list price of over $8,000 per lot.”
Located approximately 65 miles west of MSA of Dallas-Fort Worth, one of the largest metro populations in the United States with roughly 6.6 million people, the demographic is anticipating a continued growth of 1.5% through 2017, Karamitsos said, adding that “the Lake is set to be the second of seven stops for the Red Bull Cliff Diving World Series in June 2014, the only stop in the United States for the 2014 world tour.”
To obtain more information on this offering, visit www.nationalgolfgroup.com.
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