The Atlanta Journal-Constitution
Horseshoe Bend Country Club in Roswell was listed for sale for $7.5 million last week, according to the brokers at Marcus Millichap, the real estate firm representing the seller.
The club, which has an 18-hole golf course, 14 tennis courts and three pools, is owned by Capmark Bank. The bank took ownership of the club last summer after a foreclosure process.
According to Marcus Millichap, the club is generating cash flow of about $733,113 a year, on revenue of nearly $3.6 million, including green fees. Current expenses are about $2.8 million. The capitalization rate, a real estate term that is shorthand for the value of income producing properties, is 9.77 percent, the listing says.
The golf course, originally designed in 1974 by Joe Lee, was redesigned in 1999 by Bill Boswell.
Steven Ekovich, vice president of investments and director of the National Golf Resort Properties Group for Marcus Millichap, said the lender and new club management team have “turned around operations very quickly which is just the opposite of what happens when most lenders take over a course. Usually operations deteriorate. This lender is very unique in their expertise and core competencies to be able to do this.”