Walton Closes on the First Phase of Residential Lots in Varrea with D.R. Horton in Plant City, Florida
SCOTTSDALE, Ariz. - Walton, 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, recently announced it has closed on the first phase of residential lots in Varrea with D.R. Horton, the largest homebuilder by volume in the United States. Phase 1 marks the beginning of more than 1,900 homes that are anticipated in the master-planned community located in Plant City, Fla.
“This is an exciting first step in our ongoing collaboration with D.R. Horton,” said Edward Fleming, Executive Vice President at Walton. “We look forward to continuing to work with Horton on this project and support their plan to further develop the community and deliver much-needed new home inventory for this growing area in central Florida.”
D.R. Horton signed an option agreement in 2019 with Walton to develop a portion of the approximately 1,000 acres of land owned by Walton in phases. This master-planned community is expected to ultimately consist of 9 compact and walkable neighborhoods with home prices expected to start from the low $300s and home sizes starting from 1,500 sq. ft. Phase 2 of this project is expected to close later this year.
“With extremely strong demand for new single-family homes in the United States, combined with the shortage of available inventory, it is imperative that we have access to attractive land parcels for new home communities, and Walton has been instrumental in helping us on that front,” said Darren Saltzberg, Division President of D.R. Horton’s West Florida Division. “We expect to ultimately develop over 1,900 new single-family homes within the Varrea community as we complete the various phases of this project.”
Varrea, located at the southwest corner of Charlie Taylor Rd. and E. Knights Griffin Rd., is just north of Interstate 4, the most traveled freeway in Florida. It is within a 15-minute drive to nearby Lakeland, a 25-minute drive to Tampa and a 60-minute drive to Orlando.
Located in the middle of the west coast of Florida, Plant City in Hillsborough County is the fourth largest county in the state. According to the city’s About Us section on its website, Plant City has adopted the theme of “Embracing the Future, While Preserving the Past” as it captures its residents desire to adapt and plan for growth, while protecting the enduring assets and hometown charm of Plant City.