The Georgia club's stunning clubhouse.
The Georgia Club in Statham, GA, has new ownership. Known for its traditional Southern architecture and award-winning 27-hole golf course, the community is located between Athens and Atlanta. It was acquired on Thursday by Alvarez & Marsal Capital Real Estate in partnership with equity partner Angelo, Gordon & Co. of New York.
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"The Georgia Club is now debt-free, well-
capitalized and poised to move forward."
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The 1,079-acre acquisition includes the golf course, the 42,000-square-foot Georgian Clubhouse and pro shop, a swim park and fitness center, miles of walking trails, additional club facilities, all community infrastructure, and the community's remaining unsold but fully entitled homesites.
The Georgia Club–more than 1,300 acres in total–includes neighborhoods in Barrow and Oconee counties and is currently home to 223 families. Request more information.
“We're not changing The Georgia Club – we're refocusing on what makes it great,” said Steve Crowell, senior director for Alvarez & Marsal Capital Real Estate.
“Since its founding, the club has always been known for sense of community, southern charm, outstanding architecture, and first-class facilities. This purchase allows us to retain these qualities and invest even more in the aspects that make this community a prime destination for families, baby boomers, and anyone looking for a unique lifestyle opportunity in Georgia.”
Leadership Team Stays On
The Club will retain its existing leadership team through the transition, including Director of Sales Tom Valdes, Head Golf Professional Mike O.Malley, and Clubhouse Manager Dawn Tibbles.
According to Crowell, certainty is a key selling point in the current real estate market.
“With this purchase, the Club is now debt-free, well-capitalized and poised to move forward,” said Crowell. “While other communities are still working through various financial challenges, we will be focused on community improvements, membership development, and actively marketing The Georgia Club lifestyle and homes to buyers in Athens, Metro Atlanta and nationally.”
The Club's previous owner, Anglo Irish Bank Corp., was nationalized by the Irish government in the wake of that country.s economic crisis. The Irish government has mandated the sale of U.S. assets financed by Irish banks, requiring the sale of The Georgia Club and many other foreign properties.
Renewed Demand, New Builder Program Planned
According to Crowell, a Georgia Club resident who will serve as the owners representative on this project, first on the agenda will be restarting the community's building program.
“There is a market for homes at The Georgia Club, and we're going to make the most of it,” said Crowell. “Despite the economic environment, our sales team continues to see significant demand for homes in the community, but we have very little product to offer. The purchase by A&M Capital Real Estate will restore confidence to homebuyers who have been waiting for this transaction to close. We will use some of our own capital to relaunch a building program consistent with the high standards and quality homes previously sold at The Georgia Club.”
Like many other planned communities in the Southeast, new construction at The Georgia Club has been slow since 2008. A&M Capital Real Estate will jump-start construction by partnering with select builders to build homes in existing Georgia Club neighborhoods including Oconee Springs, North Hill, and the Village. Builder partners are expected to be announced in the next few weeks. It is expected that new homes will be available by spring 2012. Request more information.
While A&M Capital Real Estate will oversee real estate sales at the Club, Valdes will retain his role as sales director. Home prices at The Georgia Club will range from the low $300s to more than $1 million.
Affiniti Golf Partners Takes Over Club, Course Management.
Affiniti Golf Partners
A&M Capital Real Estate has contracted with Affiniti Golf Partners, one of the most respected golf management firms in the nation, to manage golf and clubhouse operations at The Georgia Club. Via Affiniti, the club members will enjoy reciprocal play at many other area golf courses as well as other clubs in the southeast.
According to Crouse and Crowell, improvements are planned for both the golf course and clubhouse to ensure the Club.s position in the marketplace both regionally and nationally. One of the first steps Affiniti will take is a survey of club membership to identify potential changes to the club, golf course, and membership offerings.
Matt Doyle, most recently the Director of Sales for Affiniti at Heritage Golf Links in Atlanta, will be serving as the club's new General Manager. Affiniti currently owns or manages 17 golf club properties in Georgia, North Carolina, South Carolina, Virginia and the Bahamas.
The Georgia Club also will become a member of the Georgia Alliance of Private Clubs, which will offer its members reciprocal privileges at a key number of private Atlanta business, golf and country clubs as well. Request more information.
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