The 53-year-old club in Riverside, Calif. has been sold for an undisclosed amount through an off-market transaction to a buyer that formed Canyon Crest Country Club, Inc. No further details about the ownership of the buyer were provided. The sale reflects how “investors [now have] a new outlook on acquiring existing private country clubs and public golf courses” because of the recent spike in interest in golf, said Mario Alvarez Jr. of Newmark Knight Frank, the commercial real estate firm that arranged the sale.
The 53-year-old Canyon Crest Country Club and golf course in Riverside, Calif. has been sold for an undisclosed amount through an off-market transaction, according to Newmark Knight Frank, the commercial real estate firm that arranged the sale, the Orange County (Calif.) Register reported.
The seller was ClubCorp Inc. and the buyer Canyon Crest Country Club Inc., the Register reported. No details were provided about the ownership of the buyer.
Canyon Crest has an 18-hole, 6,500-yard golf course designed in 1968 by two-time PGA champion Olin Dutra, along with a 19,800-sq. ft. clubhouse with panoramic views of surrounding mountains, a tennis chalet with six lighted tennis courts, four pickleball courts, a junior Olympic swimming pool and fitness center. Its dining facilities were renovated in 2018, and its 160-acre property features an on-site lake, as well as a 50-foot fountain.
“Golf in the last year or so has spiked interest in first-time golfers, encouraged existing players to get out on the green more frequently, which in return gave investors a new outlook on acquiring existing private country clubs and public golf courses,” NKF’s Mario J. Alvarez Jr., who represented the buyer, said in announcing the sale.
“Canyon Crest Country Club, Inc. is excited about the future of golf and the vision they have for their country club,” Alvarez added.