Evansville (Newburgh) Indiana
Portfolio Investment / Conservation Easement
This trophy golf club and portfolio-grade, master-planned development was acquired at a substantial discount to value. The 1100-acre property in Southern Indiana includes Victoria National Golf Club (#47 Golf Digest Top 100 Course), in addition to over 700 acres for single and multi-family residential development and environmentally sensitive land.
Operations have been streamlined and stabilized. The clubhouse and other facilities have been redesigned and renovated, and rental cottages and other lodging have been developed. Additionally, we are marketing new golf memberships and have implemented a conservation easement on designated land. Land will also be used for development of upscale single-family residential consistent with surrounding communities. A new Private Residence Club program was introduced in 2012 with great success.
Investment returns have already been realized through the implementation of the conservation easement. Our operations team doubled revenue in 36 months and brought operations that had historic seven-figure losses to near break even in year four after acquisition. Membership sales, the Private Residence Club sales and development of land for real estate sales have all generated returns in excess of expectations.