A golf course community in the Athens-area has been sold to a capital investment group that hopes to re-launch construction of homes. (photo-Dan Perry)
Los Angeles-based Alvarez and Marsal bought the 1,300 acre The Georgia Club for a reported $10 million according to the Atlanta Journal-Constitution. The paper reports development costs were more than $65 million.
Construction at the community stalled three years ago when the economy went sour.
The Georgia Club has been geared to alumni of the University of Georgia looking for retirement homes.
Investment group officials say it’s currently home to more than 220 families, but with room for hundreds more homes.
Prices range from the low $300,000s to more than $1 million.
Contributors: Georgia Club press release
