Ponderosa Golf Course

Truckee, Calif.
Buyer: Truckee Recreation & Park District, Town of Truckee, Truckee Donner Land Trust, Truckee Trails Foundation
Seller: Himsl Family
Price: $3.5 million

This nine-hole facility located near Lake Tahoe in Truckee, Calif., was made available by the Himsl Family after the local airport authority, looking to preserve the open space surrounding the nearby airport, blocked an attempt by the family to develop homes on the property. The sale price of $3.5 million was agreed to after an initial offer made by the investing agencies of $3.18 million was rejected by the seller. The transaction's cap rate is believed to be 6 percent. The recreation and park district will manage the course. Ponderosa generated approximately 12,000 rounds of golf in 2007. Greens fees are expect to range from $23 to $52.

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