Tired of Greens Fees? Why Not Own the Whole Course?

With sunny and warm weather just around the corner, it will be that time once again to dust off those golf clubs, make a tee time, and shoot a round or two.

But this year golf enthusiasts, rather than pay greens fees or join a golf club, why not take it to a new level and own your own golf course?

For a cool $5.3 million, you could be the new owner of the and enjoy views of rolling hills each morning and challenge the famous Island Hole at your leisure.

Utah-based Capmark Bank currently owns the course and has put it on the market.

The bank has hired Sequoia Golf Management, a company based in Atlanta, to manage the course in the interim. Steve Williams of Sequoia has taken the reigns as general manager of Silver Spring.

Silver Spring was owned by the Carlysle Group, a global investment firm based in Washington D.C., and was run Pegasus Golf Partners of Washington. Williams said Silver Spring was part of a larger investment portfolio of 10 other courses that went under, and the bank took over.

“It’s a healthy business,” Williams said. “This business itself wasn’t a problem. It just happened to be part of a larger portfolio.”

The golf course is listed with Links Capital Advisors and Siegel-Gallagher commercial real estate services. It’s described as business with “unlimited revenue potential” and is a perfect match for an owner “ with an aggressive marketing campaign and a commitment to improving service.”

Silver Spring sits on 278 acres and features a 38,000-square-foot banquet hall that can fit up to 1,000 guests, 36 holes of championship golf, a 4,600-square-foot pro shop and a driving range. The course also comes fully loaded with maintenance equipment and a full-service kitchen.

Williams said the banquet business remains strong throughout the year, and added that they have roughly 60 events booked this year in the banquet hall. He said the course has excellent drainage and stays in top shape when the season is in full swing.

“My job here is to make sure the service stays the same for the customers until there is a management change,” Williams said. “No one needs to worry about Silver Spring going away; we are just looking for new owners.”

Williams said in the meantime, management will invest some capital to improve the facilities at the course. However, he could not disclose specific improvements.

So, if you are an aggressive entrepreneur with a knack for customer service or you are a golf enthusiast with deep pockets, Silver Spring could be the investment for you.

So rather than waking up wondering if you can get a tee time or not, your only decision would be whether to play The Falls course or The Island course.

And by the way, Williams said he is watching the weather forecasts daily and waiting for all the snow to melt and the ground to thaw. He hopes to open up the courses early April, if the weather is favorable.

“We’ll be ready once the weather breaks,” Williams said. “I’m watching the forecasts every day.”