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The National 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, according to Steven Ekovich, Director of the National Golf & Resort Group of the firm’s Tampa office.
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.”
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”.