Florida golf community Old Palm Golf Club has been purchased by an international group of real estate investors in a US$30 million deal.
The buying consortium is led by ING Clarion Development Ventures III, a closed-end fund with approximately US$200 million in equity capital managed by real estate investment group ING Clarion Partners. Orlando-based management firm Buena Vista Hospitality Group will take on the running of the club and coordinate the marketing of the remaining real estate.
Old Palm Golf Club, located in the heart of Palm Beach Gardens, is a residential golf club community of 651 acres with 125 homes. The community’s course is a Raymond Floyd signature design.
As well as the club, the transaction includes land for 145 new residential properties, the remaining balance of equity memberships, and management of the club’s current operations.
“Old Palm is one of the highest calibre golf communities in the US, both for the golf experience and the quality of service provided. New ownership is thankful for the professional staff members who have created this magnificent club and who will continue to offer their excellent service as we move forward,” said Michael Frost, principal of Buena Vista Hospitality Group. Old Palm’s operations will transfer immediately.