Concert Golf Partners sale of Legacy Golf Resort in Phoenix, Ariz for a reported $16 million to Molson Properties marks the first time the buyer has sold a course.
Concert Golf Partners burst onto the scene in 2011, with Peter Nanula, CEO, announcing the company would invest more than $50 million into acquisitions of private clubs. He has exceeded that number, with investments now greater than $250 million and 22 courses. Last August, he announced the company had secured another $100 million in new equity managed by Blackstone, one of the world’s largest investment firms.
It acquired Legacy Golf Resort from Wyndham Vacation Resorts in late 2014, the only daily fee course in its portfolio.
At the time, Concert announced it would invest $1 million into the property. Capital projects inlcuded upgrading banquet and kitchen facilities, bunker renovations, new maintenance equipment, expanded casual dining and clubhouse upgrades.
The property features a clubhouse and restaurant with a pool and pool bar, two spas and two tennis courts, a pro shop with performance center, and a service/repair garage.
Legacy Golf Resort, located on what was once a 7,500-acre ranch, is part of a 238-unit timeshare complex with a master planned community of 497 residencies.
The property’s history is physically visible in many ways including the three original grain silos, built in 1902, which still stand along the 18th fairway. The Sierra Vista House, located near the first tee, boasts visits in the early 1900s from Theodore Roosevelt and Pancho Villa.
Concert Golf Partners, based in Newport Beach, Calif., is a boutique golf club owner and operator formed by Nanula, who served as CEO of Arnold Palmer Golf Management from 1993 to 2000.