The property is located within the Pinehurst golf region, which is considered to be a top golf area in the country. Oceanico Group director Simon Burgess tells GlobeSt.com that Oceanico began looking for properties in the Pinehurst area based on the recommendation of a colleague. The New Jersey-based owner of Little River Golf & Resort happened to be interested in selling the property. "We were in the right time at the right place," he says.
The resort opened in 1996 and includes an 18-hole golf course, which is the only Dan Maples-designed golf course in the Pinehurst golf area. The property also features a 20,000-sf clubhouse which overlooks lakes and forests. Also included in the property are 64 two-bedroom apartments, a number which Oceanico plans to increase.
Burgess says the property can accommodate 1,150 units of residential housing, including apartments, condominiums and housing, which Oceanico plans to develop. Work is expected to begin in the third quarter.
The acquisition marks Oceanico's latest activity in golf-related properties. In March, the company acquired five golf courses in Vilamoura, Portugal for 125 million euros. The company also launched the development of Vilamoura Golf & Garden Resort and Royal Obidos Spa & Golf Resort, properties which will consist of apartments, villas and facilities including shops, pools, spas, restaurants and golf courses.
Oceanico plans to increase the number of units owned in the US to 10,000. In addition, the company plans to acquire more golf-related properties in North and South Carolina and Northern Florida over the next nine months. The US market is particularly attractive due to the favorable conversion rate of the euro to the dollar, Burgess says. "North Carolina is to US golf what Portugal is to the sport in Europe and we look forward to replicating our European success in the American market," Burgess says.
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