Unique partnership between Homeowners Association and Concert Golf Partners leads to acquisition of Marsh Landing Country Club
PONTE VEDRA BEACH, Florida., October 13, 2022 /PRNewswire/ — Concert Golf Partners (“Concert Golf”) recently completed its 28th private club acquisition (its seventh in the past 12 months), with the purchase of Marsh Landing Country Club. In the 1980s, fame Jacksonville developer, Chester Stokescreated the Marsh Landing community, comprising over 1,100 homes within the gated community, and anchored by a much-loved Ed Seay (Arnold Palmer) designed golf course.
In addition to its championship golf course (ranked among the top five in North Florida), Marsh Landing also features ten lighted Har-Tru tennis courts, a large fitness center, and a resort-style swimming pool popular with members of all ages. “A unique element of this transaction has been the involvement of the owners, which has helped us approach the developer with a creative win-win solution and will enable us to invest ~$7.0 million high-impact improvements in the years to come. Our alignment with the HOA has been critical throughout this process…to ensure that we meet the needs and desired outcomes of all stakeholders,” said Matthew HobbinsVice President at Concert Golf.
Greg Neal, president of the Masters Association (which governs the 10+ sub-HOAs) described the complexities residents faced and their desire to have an expert like Concert Golf Partners at the helm in the future. “We needed a solution to a complex situation. We needed to identify an owner-operator that more than 1,100 owners could rally behind and work with to ensure a bright future for our community. Less than a third of our residents were club members, so we had to get creative… Concert Golf worked with us to develop a solution that delivers value to every resident – not just the club members who would benefit from the millions of dollars in country club improvements We considered every conceivable alternative, including months of interviewing several prominent owner-operators and management companies if the HOA had exercised its right to purchase the club.After much deliberation, we presented the proposal for Concert Golf to our community and the response was a resounding “YES”, with a strong 92% of the 800 owners who attended, a rec order of electoral participation.”
The developer had options, given the desirability of real estate within the community: (a) develop additional lots within the community which would likely have encroached upon the club; or (b) leave the development entirely by selling the club and moving on to other activities. Developer and club owner, Chester Stokescommented, “I was thrilled to see the community reaction to Concert Golf, so the decision was much easier knowing that my neighbors and friends had my back.”
Peter NanulaCEO of Concert Golf, said: “Over the years, the trend has become increasingly clear: members prefer to simply enjoy the clubs they have joined, without having to oversee funding and day-to-day operations. The 1,100 owners proved it once again. . They recognized that a high quality professional operator with a strong balance sheet would provide insurance for the future. Developers also enjoy passing the baton to others who will make it their full-time effort.
Concert Golf Partners is a boutique-owner-operator of the finest private golf and country clubs, established in 2011 by Peter Nanulafounder and CEO of Arnold Palmer Golf Management in the 1990s, and chief operating officer Susan Dunnavant. Concert Golf raised $250 million of patient and sustainable equity to invest in private clubs. Concert Golf is also unique for its ability to preserve the identity and traditions of historic clubs. Concert Golf’s boutique collection of premium clubs now has 26 clubs nationwide, including the two former clubs owned by developers like The Club at Longview in Charlotte and Gaillardia Country Club at Oklahoma City as well as long-time member-owned clubs such as White Manor Country Club in philadelphia cream and the Muttontown Club on Long Island.
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SOURCE Concert Golf Partners