With a $50 million acquisition fund burning a hole in its pocket, Concert Golf Partners has taken possession of its fourth golf property in Florida and its fifth overall. The Newport Beach, California-based company has purchased Legacy Club at Alaqua Lakes, which had been under threat of foreclosure by the bank that controlled its mortgage.
The property features a 15-year-old golf course designed by Tom Fazio. It’s in suburban Orlando, Florida, just a short drive from Concert’s Heathrow Country Club, so a dual-access membership plan will be offered.
Legacy Club had been owned and operated by Heritage Golf Group. The terms of the transaction haven’t been disclosed, but a press release says that it includes “a novel approach to the club membership refund liability.”
The purchase is Concert’s third in less than a year. Elsewhere in Florida, it also owns Carrollwood Country Club in suburban Tampa and Golf Club of Amelia Island in metropolitan Jacksonville.