A Southern California real estate investment company has acquired the Carmel Highlands Golf Course in San Diego, Calif. with plans to develop a housing community on the site. The prior owner closed the course in March.
33North Development Group acquired 114 acres in the Rancho Penasquitos community.
“We are excited to be the new owners of this property. As we proceed in our land use planning process, it’s crucial to take the time to understand the surrounding community and its unique characteristics,” said Max Frank, one of two partners behind 33North. “Respectful listening is a core principal of ours. So, our initial steps will include connecting with the residents of the Rancho Peñasquitos community.”
The prior owner, which also owned the adjacent DoubleTree Resort and Spa, closed the property due to escalating operational costs, including $500,000 in water expenses. The course had been open since 1967 and had recently been managed by Troon Golf.
Two other courses have closed in San Diego County, the Escondido Country Golf Club and San Luis Rey Downs. Golf courses continue to be sold for other uses across the country. According to The National Golf Foundation, more courses have closed than opened in the U.S. for nine years straight.