Balsam Mountain Preserve Under New Ownership
NORTH CAROLINA GOLF COMMUNITIES AND TROPHY PROPERTIES
UPDATE: January 29, 2016 - The Bowden's announced that an affiliate of Pangea’s Edge Holdings (PEH), a Texas based private investment firm, successfully completed the acquisition of the Balsam Mountain Preserve property from Chris Manning."
An unprecedented partnership between a successful North Carolina real estate developer and several community homeowners has resulted in the acquisition of Balsam Mountain Preserve, a 4,400 acre private club community located between Sylva and Waynesville in the mountains of western North Carolina.
Chris Manning, a real estate entrepreneur based in Myrtle Beach, South Carolina, formally completed the purchase of the development on June 8th, 2015. An experienced developer and operator of golf courses, real estate and lifestyle communities, Manning has been involved in the development of more than 5,000 residential units in the Carolinas with a combined value of more than $450,000,000 over the past fifteen years.
Unique to this particular transaction is the partnership Manning created with the community’s homeowners. As a result of this alliance and the commitment to a shared vision of the future direction of the club and community, the homeowners invested in the purchase and have contributed significant capital resources to ensure a number of improvement initiatives are fully funded in advance and can be implemented immediately.
Among these initiatives are improvements to the golf course, the design and construction of a clubhouse complex and the commencement of a homebuilding project to include golf cottages and townhomes. This building program will give the community, primarily focused on attracting second home buyers, a lower maintenance product that will appeal to the family looking for more of a “lock and leave” product as opposed to a traditional single family residence.
Over the past ten years, Balsam Mountain Preserve has firmly established itself as one of western North Carolina's premier club communities. An authentic mountain retreat, Balsam offers its residents an astounding array of completed amenities including an award-winning Arnold Palmer Signature golf course, an Equestrian facility, a family sports camp with swim, tennis, and fitness facilities, a beautiful restaurant and lodge, and over 30 miles of private hiking, biking, and equestrian trails.
Located adjacent to the Great Smoky Mountain Expressway, Balsam enjoys an enviable location just 10 minutes from Waynesville and 40 minutes from downtown Asheville. Created with a commitment to preserve its natural surroundings, 3,400 acres, or nearly 75% of the community, has been placed in a permanent conservation easement, ensuring it will never be developed and will always remain for future generations in its present park-like state. Over 250 properties have been purchased in the community and over 80 homes have been completed or are under construction.
The new ownership group’s leadership team expressed their excitement over the purchase of the club and community and their commitment to build and enhance Balsam Mountain Preserve’s reputation as one of the finest private mountain communities in all of North Carolina. “As we work to usher Balsam into a prosperous and successful future, maintaining the private and exclusive nature of the golf course and club is paramount to those plans,” stated Manning. “The second home and retirement market has experienced a renaissance over the past several years as real estate sales have nearly returned to the levels we saw back in 2005. With our minimal debt structure and the support we have from the homeowners, I’m confident we have the tools in place to bring long-term and lasting stability to this great club and community. It’s a formula that potential buyers can feel very good about”.
To ensure the club operates at a level that meets and exceeds the expectations of its members, Manning has partnered with the Myrtle Beach, S.C. firm of East Coast Golf Management to manage and operate all aspects of the private club. East Coast’s portfolio includes 24 golf properties that are either under its management or affiliated with it on a marketing level. Mike Buccerone, principal owner of East Coast Golf Management, noted, “Balsam Mountain Preserve is unquestionably the crown jewel of our portfolio. The quality of the amenities and the spectacular setting are unlike anything I’ve ever seen. The golf course alone has to be considered one of the finest in the Southeast. We’re extremely excited to be a part of this one- of-a-kind place and look forward to working with the members to take this club to even higher levels. Families looking for a second home in the North Carolina mountains need to experience Balsam before they make a decision – it is that special”.
About Balsam Mountain Preserve
The lowest density private Club community in the western North Carolina mountains, just 40 minutes from downtown Asheville, Balsam Mountain Preserve offers a concept rarely found in today’s fast paced, over-scheduled world – a true sense of place.
Authentic and architecturally diverse Balsam Mountain Preserve homes nestle into this high elevation 4,400 acre private community. Created with a commitment to preserve its natural surroundings, 3,400 acres, or nearly 75% of the community, has been placed in a permanent conservation easement, ensuring it will never be developed and will always remain for future generations in its present park-like state. Members select from an impressive array of family and individual activities – from championship golf and soft surface tennis courts to miles of hiking trails and private family camping. The selection of Real Estate offerings include dramatic mountain view homesites with elevations up to 4,700 feet, a new selection of low maintenance golf cottage homes and a very special Private Residence Club.