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Above is a great article from the USGA that talks about the benefits and pitfalls of topdressing fairways and creating a "sand cap."
At Highlands CC, we have been able to build up a 3-4" sand cap in many areas due to consistent sand topdressing of fairways over the years. The effects are better drainage as well as firmer and smoother surfaces. However, as the article states, if aggressive maintenance is not performed, organic matter can rapidly accumulate causing more issues.
