Marcus & Millichap Awarded Exclusive Listing to Sell the Prestigious and Renowned Cliffs Resort
Tampa, FL, March 20, 2014 --(PR.com
)-- National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been retained to exclusively market for sale The Cliffs Resort located on the celebrated Possum Kingdom Lake in historic Graford, Texas. Steve Ekovich, Vice President & Managing Partner, announces Christopher Karamitsos, Senior Investment Advisor as lead agent on the deal and listing broker for The Cliffs Resort.
Mr. Karamitsos says, “The Cliffs Resort is the gem of Texas. 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.”
Double Diamond Inc., Director of Acquisitions, Charles Ragan, states, “Double Diamond has a number of on-going development projects and new projects on the horizon. Divesting of the resort will afford the corporation the opportunity to recycle capital into current and future development opportunities. We are searching for an aggressive buyer with the foresight to bring The Cliffs Resort to reach maximum potential. Double Diamond selected The National Golf and Resort Properties Group to represent the property due to the group’s unprecedented reputation in golf and resort brokerage and its direct access to entrepreneur and investment leaders worldwide.”
Karamitsos continues, “The Fort Worth Star Telegram refers to The Cliffs Resort as the ‘Pebble Beach’ of Texas. And, the Dallas Morning News has named Possum Kingdom Lake as the ‘Most Beautiful Lake in the State’. 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. The Cliffs Resort, under new ownership, will afford the opportunity to draw in more members, new home owners, public play and overnight resort guests from this heavily populated area. Additionally, 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, please contact Christopher Karamitsos, National Golf & Resort Properties Group 813-387-4738, or visit www.nationalgolfgroup.com.
About National Golf & Resort Properties Group: Founded in 2009, National Golf & Resort Properties Group has become the renowned industry leader in golf course sales nationwide. The group has sold 49 courses, within the last few years, as well as underwritten $1 billion in golf assets. The National Golf & Resort Properties Group successes are unprecedented in the golf course industry. Our management team has over 25 years’ experience in both golf and commercial real estate and 20 years PGA professional management experience. For more information please visit: www.nationalgolfgroup.com.
About Marcus Millichap: With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.