The property is located within the Pinehurst golf region, whichis considered to be a top golf area in the country. Oceanico Groupdirector Simon Burgess tells GlobeSt.com that Oceanico beganlooking for properties in the Pinehurst area based on therecommendation of a colleague. The New Jersey-based owner of LittleRiver Golf & Resort happened to be interested in selling theproperty. "We were in the right time at the right place," hesays.

The resort opened in 1996 and includes an 18-hole golf course,which is the only Dan Maples-designed golf course in the Pinehurstgolf area. The property also features a 20,000-sf clubhouse whichoverlooks lakes and forests. Also included in the property are 64two-bedroom apartments, a number which Oceanico plans toincrease.

Burgess says the property can accommodate 1,150 units ofresidential housing, including apartments, condominiums andhousing, which Oceanico plans to develop. Work is expected to beginin the third quarter.