Investors Snap Up Twin Rivers A Florida Golf Course
Twin Rivers Golf Club, one of three financially troubled Florida golf courses that Seminole County officials considered buying earlier this year, is under contract with a private investment group.
The buyers, operating under the name University Golf Club Inc., are partners in five Central Florida golf courses and have a reputation for turning around struggling properties.
Bob Dello Russo and Chad Barton said they hope to close on the property by mid-July, if issues regarding water supply can be worked out. The local utility, Alafaya Utilities Inc., has had problems recently providing sufficient reclaimed water to customers, including Twin Rivers, Barton and Dello Russo said.
"We don't think it's a major problem," Dello Russo said. "If Alafaya can't provide the water, we'll go to St. Johns [River Water Management District] and get a permit for a well."
Dello Russo and Barton own Country Club of Deer Run, Casselberry Golf Club, Wekiva Golf Club, Country Club of Mount Dora and Rock Springs Ridge Golf Club, all Florida golf courses.
Twin Rivers was one of three taken over and put on the market by Banc of America Strategic Solutions last year after the lender took possession of them from Meadowbrook Golf Inc., an Orlando-based management company.
The courses initially were offered as a package, but Winter Springs Golf Club and Sabal Point Country Club were sold to separate buyers earlier this year.
California businessman Arman Rahbarian bought the Winter Springs course for $2.1 million. Last month, he closed the course and dismissed more than two dozen employees. He promised city officials the course would reopen, though he gave no timeline.
Rahbarian is still trying to determine what would be the best use for the property, said Winter Park attorney Christopher Cathcart, who has been retained to manage it.
In the meantime, at least one of the Florida golf course's neighbors has complained to city officials about high grass on the course. A letter was written to Cathcart about the complaint, said Winter Springs City Manager Ron McLemore.
But McLemore noted that the Florida golf course is technically a conservation easement. That prohibits development, he said, but it doesn't mean the owner has to keep it looking like a golf course.
An investment group behind four apartment-to-condominium conversions bought Sabal Point Country Club in June. It is unclear what RB-GEM Golfbrooke LLC paid for the course, which was advertised for $2.375 million.
That group turned over operations to a private company, Kitson & Partners, but the course has been closed since Banc of America closed it in January.
Last month, the new owners met with representatives of homeowners in Sabal Point, an older, upscale subdivision near Longwood. Wayne Hunicke, president of Sabal Point's largest homeowner group, said residents are concerned about the lack of maintenance on the course and its water features.
"The frequency of callers complaining about weeds and ponds has increased," he said. "We're all having a hard time figuring out why more hasn't been done."
But Hunicke said the meeting with owners left a good impression with residents, which makes it easier to remain hopeful.
"If they spend money for the Florida golf course, they're going to do something with it," he said. "Residents are no happier [since the golf course was sold]. If fact, they may be a little unhappier. But at least there is reason for optimism."
The buyers, operating under the name University Golf Club Inc., are partners in five Central Florida golf courses and have a reputation for turning around struggling properties.
Bob Dello Russo and Chad Barton said they hope to close on the property by mid-July, if issues regarding water supply can be worked out. The local utility, Alafaya Utilities Inc., has had problems recently providing sufficient reclaimed water to customers, including Twin Rivers, Barton and Dello Russo said.
"We don't think it's a major problem," Dello Russo said. "If Alafaya can't provide the water, we'll go to St. Johns [River Water Management District] and get a permit for a well."
Dello Russo and Barton own Country Club of Deer Run, Casselberry Golf Club, Wekiva Golf Club, Country Club of Mount Dora and Rock Springs Ridge Golf Club, all Florida golf courses.
Twin Rivers was one of three taken over and put on the market by Banc of America Strategic Solutions last year after the lender took possession of them from Meadowbrook Golf Inc., an Orlando-based management company.
The courses initially were offered as a package, but Winter Springs Golf Club and Sabal Point Country Club were sold to separate buyers earlier this year.
California businessman Arman Rahbarian bought the Winter Springs course for $2.1 million. Last month, he closed the course and dismissed more than two dozen employees. He promised city officials the course would reopen, though he gave no timeline.
Rahbarian is still trying to determine what would be the best use for the property, said Winter Park attorney Christopher Cathcart, who has been retained to manage it.
In the meantime, at least one of the Florida golf course's neighbors has complained to city officials about high grass on the course. A letter was written to Cathcart about the complaint, said Winter Springs City Manager Ron McLemore.
But McLemore noted that the Florida golf course is technically a conservation easement. That prohibits development, he said, but it doesn't mean the owner has to keep it looking like a golf course.
An investment group behind four apartment-to-condominium conversions bought Sabal Point Country Club in June. It is unclear what RB-GEM Golfbrooke LLC paid for the course, which was advertised for $2.375 million.
That group turned over operations to a private company, Kitson & Partners, but the course has been closed since Banc of America closed it in January.
Last month, the new owners met with representatives of homeowners in Sabal Point, an older, upscale subdivision near Longwood. Wayne Hunicke, president of Sabal Point's largest homeowner group, said residents are concerned about the lack of maintenance on the course and its water features.
"The frequency of callers complaining about weeds and ponds has increased," he said. "We're all having a hard time figuring out why more hasn't been done."
But Hunicke said the meeting with owners left a good impression with residents, which makes it easier to remain hopeful.
"If they spend money for the Florida golf course, they're going to do something with it," he said. "Residents are no happier [since the golf course was sold]. If fact, they may be a little unhappier. But at least there is reason for optimism."
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