SCOTTSDALE – Walton, a real estate investment and land asset management company with US$3.4 billion under management, has acquired 94 acres in Riverside County. The property is located south of Simpson Road, east of California Avenue, and west of El Fuego Road in Hemet, Calif.
Walton has secured interest from a top national homebuilder in the form of a letter of intent for the pre-development land known as Simpson. Hemet covers a total area of 27.8 square miles, about half of the Valley of Riverside County, Riverside-San Bernardino MSA., which it shares with the neighboring city of San Jacinto.
The Simpson property is about seven miles east of I-215, 17 miles east of I-15, 16 miles south of I-10, and a 15-minute drive to shopping centers, restaurants, fast food hubs, grocery stores, and a golf club.
Walton’s Executive Vice President of Land, Barry Dluzen, said, “According to projections, the market expects to see steady population growth of 0.8% each year through 2024. Walton intends on supporting that influx of growth, and the increased demand in the residential home market, by identifying and purchasing land in attractive destinations like Riverside County,” he added.
The city of Hemet, initially called South San Jacinto, predates the formation of Riverside County when the land was still part of San Diego County. The formation of Lake Hemet helped the city to grow and stimulated agriculture in the area. Camping and fishing is the primary attraction to the lake, which is stocked with rainbow trout, bluegill and largemouth bass. Lake Hemet also boasts of additional recreational activities that include boating, picnicking, hiking, and camping on and around the lake.
The Hemet land acquisition of Simpson adds to Walton’s 2,270 acres portfolio of owned or administered land in Riverside County, Calif. That provides a scalable land acquisition platform to support homebuilders with just-in-time inventory during its peak demand for new development.