X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

MASHPEE, MA-Capitalizing on the current demand for investment property, American Real Estate Partners, operating under the entity New Seabury Properties LLC, has placed its Cape Cod seaside golf community on the market. New Seabury on Cape Cod is a 2,600-acre seaside golf and residential resort on Nantucket Sound here.

The property, located at 20 Red Brick Rd. just off the Mashpee Rotary, features three miles of private beaches, a fitness center, pool and 10 tennis courts along with 1,200 existing homes and 467 home sites. The offering includes the Club at New Seabury, which includes two golf courses, a 42,000-sf clubhouse, the Popponesset Inn seaside restaurant and function facility, a driving range and practice greens.

The site has already caught the eye of nearly 85 investors, Joseph Morningstar, senior managing director with Holliday Fenoglio Fowler LP, tells GlobeSt.com. HFF began marketing on the property just over a week ago and will wrap up the bidding process in about three weeks.

Although no asking price has been set, Morningstar predicts that it could trade for well above $200 million. “There’s very few properties zoned and of this scale on Cape Cod,” Morningstar says, noting that development and water restrictions on Cape Cod currently make it difficult to site a sizable development like New Seabury.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.