Sunrise Co. has purchased 120 acres of residential land at PGA WEST, La Quinta. It was the first closing under an agreement between Sunrise Co. and Landmark Land Co.
Landmark has agreed to sell to Sunrise about 1,050 acres of residential real property within the PGA WEST project over a 15-year period for an aggregate purchase price of about $273 million.
The project is planned to eventually comprise 99 holes of golf, 60 tennis courts, 5,000 homes, 650 hotel rooms and 200,000 square feet of commercial and office space that will house the western headquarters of the PGA of America and the PGA Tour.
Two of the golf courses are under construction.