MacGregor Downs sold for $3.4 million
04/23/2014 4:29 PM
04/23/2014 4:30 PM
MacGregor Downs Country Club in Cary has been acquired for $3.4 million by a golf-club company that plans to invest millions more in the property.
Peter Nanula, founder and chairman of Concert Golf Partners, said his company has committed to make major improvements to the golf course, the clubhouse and the pool-and-tennis-court complex.
Nanula said MacGregor Downs, a private country club that was owned by its more than 600 members, has been thriving with a growing membership in recent years. Nevertheless, the club decided to sell rather than impose an assessment on the members to pay for the improvements they wanted.
“There never will be assessments again,” Nanula said. “We own the club. The members don’t have to foot the bill for improvements.”
In addition, monthly dues will decrease, starting next month, said Nanula, who declined to provide specifics.
Monthly dues previously incorporated an annual fee for capital improvements that is being eliminated.
Nanula described MacGregor Downs as “a fantastic club with all the amenities.”
The staff and management of MacGregor Downs will remain intact, Nanula said.
MacGregor Downs is the seventh golf club that Concert Golf has acquired since July 2011. Its other courses are in Florida, Maryland and Oklahoma.
Concert Golf is backed by a pool of wealthy investors who at the outset backed the company with $50 million and who have provided additional funding since then, Nanula said.
Staff writer David Ranii
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