Walton Closes US$1.1M Residential Lot Transaction in Atlanta Region, GA – Arrival of National Homebuilder Expected to Reinvigorate Development
Press Release, 2020/03/20
On February 13, 2020, the Walton Group of Companies closed on a bulk sale of 28 residential lots at The Georgian, a residential master planned community and golf course development located 40 mins drive west of Atlanta in Paulding County, Georgia. The lots were purchased by the homebuilder D.R. Horton Inc. for US$1.1M.
The original developer of The Georgian envisaged a 1,696 home community, but development stalled in the wake of the 2008 financial crisis leaving the community partially built out. In January 2014 Walton acquired the outstanding 246 vacant developed residential lots and the adjacent pre-development land slated for a further 1,149 single family homes.
Prior to the latest transaction with D.R. Horton, Walton had been delivering residential lots to a handful of local builders including Mullinax, Artisan Built, Create Homes and Silverstone Communities, who combined have contracted more than 200 lots to date.
Walton is very excited to welcome D.R. Horton to this development. The addition of a large, publicly traded homebuilder will not only broaden the product offering, but also accelerate the momentum of the project. In turn, this will drive the absorption of the future phases of pre-development land.