Holmes Harbor Golf and Beach Club up for sale
April 28, 2009 · Updated 1:36 PM
The Schuster Group, a Seattle-based real estate development and investment firm, will sell its interest in Holmes Harbor Golf and Beach Club in Freeland, the company announced Tuesday.
The residential golf course community includes an 18-hole golf course, clubhouse and restaurant, a new community beach and dock and several development projects.
The company bought the property for $2 million in 2003 from former Seattle Sonics basketball player Jack Sikma.
The Schuster Group invested more than $1 million to upgrade the golf-course clubhouse.
Of the company's 100 or so planned residential units, including waterfront condominiums, 35 homes have been completed, and all but five sold, chairman and CEO Mark Schuster said Tuesday.
The company also built a dock and pier for moorage, and a beach park, he said.
Schuster said current economic conditions have placed the residential projects on hold, and because the company's private real-estate fund is closed-end, the sale of Holmes Harbor has been timed to coincide with the fund’s operational time frame.
He said the company will continue to manage the property until a "suitable buyer" can be found.
The original Holmes Harbor development was platted for 400 lots.
Founded in 1989, The Schuster Group is a privately held real estate development and investment firm headquartered in Seattle.
"We're proud of what we tried to accomplish," Schuster said. "I think we've don a lot of improvements for the community."