TheNational Golf & Resort Properties Group of Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of Cypress Lakes Golf Club, a 185 acre 18-hole
golf course located in Cypress, a Houston suburb of Texas.
Steven
Ekovich, the lead agent on the asset sale, represented the seller, a financial
institution based in Chicago. Steve
Ekovich also facilitated the buyer, Cypress Lakes Investment, LTD in the
acquisition of the property. Mr. Ekovich said that “after an exhaustive international search for the
right buyer for this club, it was determined that Cypress Lakes Investment, LTD
was the right buyer for this asset. We had tremendous interest in this club, 14 offers
and about 70 interested parties. The transaction was very difficult as a result
of a lawsuit that popped up in due diligence and significant survey issues.
However, with creativity and determination we were able to resolve the issues
and at the end of the day, both the buyer and seller got a fair deal.” The firm currently has sold 26 golf courses in the past 18 months, putting them at the forefront of golf course brokers nationwide. The National Golf & Resort Properties Group currently has 10 golf courses for sale, and another 10 golf courses under contract to close over the next three months. To view the firm's available listings, please click here.
Cypress Lakes is
a championship Jim Fazio design locally renown for its great layout and
excellent greens. In 2005 Texas Golfer
voted the club “Best Kept Secret in Houston” and in 2009 the Houston Chronicle
ran an article headlined “Surfaces have been rated among the best in the
Houston area since ‘99”.
With more than 1,000
investment professionals in offices nationwide, Marcus & Millichap Real
Estate Investment Services is the largest firm specializing in commercial real
estate investment services in the nation. Marcus & Millichap closed 5,085
transactions in 2011, the highest of any commercial real estate brokerage firm.
Founded in 1971, the firm has perfected a powerful system for marketing
properties that combines product specialization, local market expertise, the
industry’s most comprehensive research, state-of-the-art technology and
relationships with the largest pool of qualified investors nationally.
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