October 4, 2013
ORLANDO, FL – On October 4, 2013, Concert Golf Partners acquired the Legacy Club at Alaqua Lakes (www.alaquacc.com), a premier private club in North Orlando featuring an 18-hole Tom Fazio-designed masterpiece. Concert Golf bought the club, previously owned and operated by Heritage Golf Group, from Deutsche Bank via a deed-in-lieu transaction with a novel approach to the club’s membership refund liability. Terms of the transaction were not disclosed; Hilda Allen represented seller Deutsche Bank in the transaction.
The Legacy Club delivers a world-class golf experience marked with excellent course conditions and high-end amenities, including an 11,000 square foot clubhouse, state-of-the-art meeting rooms, Champion Bermuda greens, and a 10-acre practice facility with target greens and separate chipping, putting and bunker facilities. Developed with sensitivity to the environment, The Legacy Club has earned the proud distinction of being a certified Audubon International Signature Certified Sanctuary. The club regularly hosts U.S. Open Qualifiers and is often the preferred course for local PGA TOUR players.
Concert Golf, an active golf club owner-operator based in Newport Beach, California formed by Peter Nanula, the founder and CEO of Arnold Palmer Golf Management from 1993 to 2000, has a significant pool of capital to buy and operate large-scale private clubs with over $3 million in annual gross revenues located in major metro areas, and has now acquired 5 clubs and mortgages in just the last 9 months. The group brings substantial experience from owning and operating over 30 clubs in the 1990s at a high standard under the Arnold Palmer brand name. Concert Golf is also unique in being an all-cash buyer with a dedicated golf fund, which allows for a quicker and more certain transaction.
Hilda Allen, the most prolific broker of golf properties nationwide, said “We had wide interest in the Legacy Club, and Concert Golf Partners was able to wire funds and close just one day after bids were due.”
“We specialize in these complex deal structures, and we are pleased to have both solved the bank’s need for a speedy transaction prior to foreclosure and also addressed the club’s membership refund liabilities,” Peter Nanula of Concert Golf said. “The Legacy Club has an elite golfer membership, who will now enjoy dual-club access at our Heathrow Country Club less than a mile down the street.”