Lindsey Co. Faces Changing Market as Golf Course Demand Drops

by Marty Cook  on Monday, May. 26, 2014 12:00 am  

Lyndy Lindsey: “Dad is fair — you work your butt off, you get rewarded. That is how he has always been. That is the foundation.” | (Photo by Beth Hall)

As much as it pains him, Lyndy Lindsey sometimes looks for possible apartment complex sites that won’t have an adjoining golf course.

Lindsey is the president of Lindsey Management, the apartment management subsidiary of The Lindsey Co. of Fayetteville, a perennial entry on the Arkansas Business list of the state’s largest private companies. He said Lindsey Management will soon have two trail-oriented apartment complexes, one in Oklahoma City that will soon be completed and another in Bentonville that should be finished in the next year.

Lindsey properties are well-known for their golf course amenity — and Lyndy Lindsey happily pursued one of his true loves by designing the courses.

More: See the list of Arkansas' 75 Largest Private Companies.

But golf courses are not nearly as popular as they were 10 to 20 years ago, Lindsey said, and Lindsey Management is smart enough to adapt. There are approximately 42 Lindsey golf courses, most affiliated with an apartment complex, but there are some standalone courses.

“We probably do as good a job as anybody in the country trying to make those golf courses work,” Lindsey said. “Last year, there were more golf courses close up in the country than any prior year. The last couple years they’ve just been closing the doors because people can’t make them work.

“We struggle with them, there’s no doubt, but they’re a part of our amenity package for our apartments. We have to keep them going.”

The management company’s ability to adapt and thrive is a Lindsey trademark. Lindsey Management is one of the business linchpins of the Lindsey brand started by former Arkansas football star Jim Lindsey in 1972.

In addition to the apartment management company, there is the real estate agency Lindsey & Associates and the construction company, Lindsey Construction. The cooperation among the three Lindsey companies allows each to operate much more efficiently.

Neither Lyndy Lindsey, son of Jim, nor Scott Rogerson, CFO of Lindsey Management, would share revenue figures for any or all of the Lindsey companies. Arkansas Business has estimated revenue companywide at $350 million in both 2012 and 2013; the company reported $335.5 million in 2011.

Lindsey & Associates is headed by Lyndy’s brother, John David Lindsey. It earned commissions last year on residential real estate sales volume of $473.5 million, making it the No. 3 agency in the state in 2013.

The interlocking companies help each Lindsey entity lower costs. Lindsey Construction builds Lindsey Management properties at a much more affordable price than a third-party company could.



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