Wed, 05/12/2012 - 06:28
Northlight Financial, a manager of private equity debt investments and real estate assets, has acquired from East West Partners the remaining real estate assets at Old Greenwood, a recreational resort community located in Truckee, California.
Assets included in the purchase are fractional ownership town homes and parcels for future development. The investment was made through a vehicle managed by Northlight.
"We see substantial value in the Old Greenwood community - a highly sought after property in the Tahoe-California area. East West Partners has done an outstanding job creating an exceptional living atmosphere with great charm, personality and an established, luxury brand,” says Ben Gerig, head of Northlight’s real estate investments.
Northlight has invested in several fractional resort properties across the Western US, including two in Arizona, Seven Canyons in Sedona and Quintero Golf and Country Club outside of Phoenix; Wyoming’s Snake River Sporting Club near Jackson; and The Residence Club at PGA West in La Quinta.
“Northlight plans to continue to opportunistically acquire destination resort communities across North America with the ultimate goal of providing a shared club concept across our family of properties. We look forward to working with the East West family of companies in helping us execute on this strategy,” says Gerig.
Tahoe Mountain Resorts Real Estate will continue to serve as the exclusive listing brokerage for Northlight at Old Greenwood.
“We are eager to work with Tahoe Mountain Resorts Real Estate to add even more value to Old Greenwood through this acquisition,” adds Gerig.
Located east on Interstate 80 outside of downtown Truckee, Old Greenwood is centrally located in the Tahoe area providing access to Northstar California, Squaw Valley and Alpine Meadows ski resorts and only a 15 minute drive to the North Shore of Lake Tahoe. Old Greenwood amenities include a Jack Nicklaus Signature Design 18-hole championship golf course, rated one of the “Top Ten Best New Courses” by Golf Magazine and The Pavilion, home to two outdoor swimming pools, a state-of-the-art fitness facility, day spa, a restaurant and bar, tennis courts and extensive trails.
Tahoe Mountain Club will continue to own and operate Old Greenwood's Jack Nicklaus Signature Golf Course and The Pavilion.
“Tahoe Mountain Club looks forward to collaborating with Northlight in continuing to offer an unrivaled four season club which serves to enhance our members’ Tahoe experience,” says Blake Riva managing partner, East West Partners, owner of Tahoe Mountain Club.
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