The Dacula, Ga. property, with a golf course designed by Steve Melnyk that sees over 45,000 rounds annually, has been sold to an unnamed buyer described as “a Class-A PGA member and longtime golf-industry executive [with] years of operational experience.” The property was listed at $2.4 million and its sale is the latest of over two dozen courses being sold to raise capital for American Golf’s parent company, Drive Shack.
The Leisure Investment Properties Group (LIPG) of Marcus & Millichap has announced the sale of The Trophy Club of Apalachee in Dacula, Ga to Golf Apalachee LLC, as the latest property sold by American Golf Corporation (AGC).
AGC is a subsidiary of the Drive Shack golf entertainment company, and the sale represents another property sold by American Golf as part of Drive Shack’s strategy to divest as many as 25 AGC clubs and recycle the proceeds from those sales into the development of the golf entertainment centers (https://clubandresortbusiness.com/drive-shack-sells-11-clubs-for-82-5m/).
C&RB reported on January 10 about AGC’s sale of The Crossing Golf Club in Franklin, Tenn. (https://clubandresortbusiness.com/the-crossing-gc-sold-to-company-headed-by-pga-pro-brooks-west/)
Golf Apalachee LLC was formed for the purpose of the acquisition, which took place on December 18th. The principal behind the LLC was not named, described only as “a Class-A PGA member and longtime golf-industry executive who brings years of operational experience to the venture.”
Designed by former PGA Tour player & broadcaster Steve Melnyk, the Apalachee course hosts over 45,000 rounds annually and has been serving Atlanta-area golfers since 1994.
The club was listed on the Marcus & Millichap site for $2.4 million.
“The Trophy Club of Apalachee is yet another example of Drive Shack’s phenomenal turn-key, income-producing, opportunities that have garnered so much attention from the investment community,” said Chris Karamitsos, Senior Investment Advisor and co-founder of Marcus & Millichap’s LIPG. “We think the new owners will be very successful as they take the club into the future.”
Steven Ekovich, National Managing Director of Marcus & Millichap’s LIPG, added that the Apolachee sale represents the first of three Atlanta–area courses being sold by Drive Shack. “We also have two others in that market that are under contract and expected to close in the first quarter of ,” Ekovich said.
In addition, Ekovich and Karamitsos noted that they have additional Drive Shack–owned courses for sale in New Jersey and Tennessee.