Jeff Woolson Jeff Woolson

There is no doubt that investors are chasing yield, but at this point in the cycle, it has become hard to find. Private equity capital and high net worth individuals, however, have struck gold. The golf course niche is seeing double-digit cap rates—as much as 13%. Golf courses, however, aren’t your typical real estate investment. They rely on cash flow, not appreciation, for value and they are management intensive operational businesses. Still, investor demand is growing for golf course deals, especially in primary markets. We sat down with Jeff Woolson, EVP and managing director of Golf & Resort Properties at CBRE, to find out more about the golf market.