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Chicago Firm Announces Purchase of Victory Ranch
Sterling Bay Companies, a Chicago-based real estate investment and development firm, purchased the Victory Ranch Club development from an affiliate of Wells Fargo Bank on May 3rd, 2012. The purchase price was not disclosed.
Victory Ranch is a nearly 6,500 acre luxury home development located near Park City, Utah on the Upper Provo River, spanning both Summit and Wasatch Counties. It is home to an 18-hole Rees Jones championship golf course with panoramic views of the Wasatch and Uinta Mountains, Deer Valley ski resort, the Provo River and Jordanelle Reservoir. The development includes approvals for more than 650 units, but new ownership is contemplating reducing density and strategically re-positioning the ranch within the next 12 months.
“We are excited at the opportunity to further improve what we believe to be the most beautiful piece of property in Utah,” stated Andy Gloor, a principal at Sterling Bay.
The Victory Ranch golf course will be an exclusive, private course opening on May 12th, 2012.
Michelle Eastman and Brigid Flint of Summit Sotheby’s International Realty represented the buyers in the purchase.
Founded in 1986, Sterling Bay has extensive expertise in the acquisition, financing, leasing, and management of commercial property across a broad spectrum of asset types and sizes. The firm’s investment philosophy is to identify undervalued or overlooked opportunities with significant value-add components.