Walton Acquires 808 Acres in Georgia
Builder , 2021/08/12
SCOTTSDALE, Ariz. (August 12, 2021) – Walton Global, a real estate investment and land asset management company with US$3.4 billion and more than 98,000 acres under management and administration in North America, has acquired 808 acres that is anticipated to bring approximately 1,687 new homes to Greater Atlanta.
Walton has acquired two land parcels in the area: the first property called Cannon Forest is 156 acres located within the Jacksonville MSA in the City of St. Marys, Georgia, and the second property called Pinehills Trails is 652 acres located in Paulding County just outside of Atlanta.
“Greater Atlanta has consistently shown a proclivity for growth even amid the pandemic. New business opportunities and home values continue to outpace many areas in the country,” said Walton’s Executive Vice President, Barry Dluzen Land and Real Estate Acquisition. He added, “To support the future of the new housing market and to accommodate the region’s accelerated expansion, we are excited to support premier homebuilders to bring needed home inventory to the area.”
As a part of Walton’s exit-focused strategy, Walton has secured a letter of intent for both properties with top national and regional homebuilders.
Walton is working with a top national homebuilder and a regional builder for Pinehills Trails to obtain final approval for 1,308 residential lots by early 2022 to allow home development to begin later in the year.
Pinehills Trails has easy access to US-41 and Interstate 75, the 652 acres is conveniently located within a 10-minute drive to nearby retail, medical and education amenities in the city of Acworth, a 20-minute trip to major employment centers including Cobb County International Airport, Kennesaw State University, and Wellstar Kennestone Hospital, and a 45-minute commute to downtown Atlanta.
Situated in what’s considered the southern-most point of the Appalachian Mountains, Paulding County provides its residents with the benefits of its relative affordability compared to other counties in central Atlanta and allows access to the global headquarters of 30 Fortune 1000 Companies.
Walton and a top national homebuilder are working together to obtain final approval from the City of St. Marys, Georgia for 379 residential lots by the end of 2021 to allow residential development to begin in mid-2022.
“With the expansion of the Kings Bay Naval Base, the Cannon Forest residential land parcel will help fill a void of new homes in this market area,” said Mike Doherty, Senior Vice President of land at Walton.
Cannon Forest is located just 40 minutes north of Downtown Jacksonville off Interstate 95, the City of St. Marys is in the middle of one of the most naturally beautiful areas of the country and a community of convenience featuring an array of schools, shopping and quaint coastal attractions.
The Cannon Forest land acreage is situated in the middle of City of St. Marys, which offers its residents all the charm and ease of small-town living but is also a convenient 30-minute drive to the Jacksonville International Airport and 10 minutes from the Kings Bay Naval Submarine Base. In addition, 18 Fortune 500 Companies choose to maintain their global headquarters in Georgia, making it an attractive area to work and live.
The two acquisitions add to Walton’s more than 11,000 acres of land under management in the Georgia market, and the organization continues to actively pursue additional land transactions in the area. Walton’s exit-focused strategy is structured so land can be developed in phases providing just-in-time inventory to homebuilders and developers.