Five years after snapping up a private Connecticut golf club for less than $2 million, its owners are now aiming for a far bigger return.
Quarry Ridge Golf Course — set among the rolling hills just outside Hartford — has hit the market, with a $4.4 million asking price, according to the commercial real estate site Crexi.com.
According to a story at the Middletown Press, some major renovations were made to the course, which opened as a 9-hole track in 1993. Another nine holes were added five years later.
The private golf course located at 9 Rose Hill Road last sold in early 2021 for $1.7 million to Tim and Patti Vale of Guilford and underwent extensive improvements to the conditions of the course and the renovation of the 7,000 square-foot clubhouse, which includes a golf shop, restaurant and bar, and a banquet facility.
According to the Portland Tax Assessor’s office, which lists the owner as Nexus Golf Properties, the land is currently appraised at $463,500 and the building is appraised at $3,148,800 for a total appraisal of 3,612,300. The property is assessed at $2,528,610.
According to the listing a total of $1.2 million was spent on enhancements, including the clubhouse renovations, air conditioning upgrades; patio construction to host events and banquets, golf course maintenance equipment, golf course enhancements, lighting, signage and improvements to owned home site on adjacent parcel to golf course.
While the listing says the course has reversed its fortunes in terms of cash flow since the new ownership group took over and reinvested in the property, zoning rules would allow for redevelopment, which could lead to single-family homes.
The course, which sits about 25 minutes south of Hartford, was designed by Joe Kelley and Al Zikorus.