A Phoenix-based real estate firm has bought 80 acres of land in Hemet destined for 299 single-family homes in the master-planned River Oaks community.
Walton paid $7 million for the property entitled for homes at the intersection of Elk Street and Thornton Avenue.
The homesites range from 5,000 to 6,000 square feet with construction planned to begin in April 2021 and first homes available in early 2022, the firm said in a statement.
“We are pleased to be working with a major homebuilder on yet another project in California’s growing Inland Empire,” said Ed Hadley, a senior vice president with Walton. “Single-family home sales have doubled in the area since the initial downturn from the COVID-19 shutdown, so single-family homes are in very high demand.”
A Walton representative declined to provide further details, saying in an email Monday that it was “still too early to disclose the builder.”
River Oaks is adjacent to the Seven Hills residential golf community.