Walton Completes its First Sale to Oakwood Homes in a New Phase of Banning Lewis Ranch in Colorado Springs
CORPORATE RELEASE (May 7, 2021) – Walton has completed its first sale of 161 platted lots within Banning Lewis Ranch to Oakwood Homes. This is the first transaction under the option agreement with Oakwood in the master planned community of Banning Lewis Ranch in Colorado Springs, Co.
Oakwood Homes holds an option to purchase the Walton-managed Banning Lewis Ranch property in several phases with plans to build residential homes as well as community parks and schools. The first phase of development began in 2020 with homes expected to be delivered in 2021.
Located at Woodmen Road along Marksheffel Road, Banning Lewis Ranch was named one of the 50 Top-Selling Master Planned Communities in the nation in 2020 with a 62% increase in sales over 2019, according to RCLCO Real Estate Advisors.
Banning Lewis Ranch provides convenient access to downtown Colorado Springs and is located
15 minutes from the Colorado Springs Airport and 10 minutes from Interstate 25.
A joint venture comprised of Walton and a U.S. family office that currently owns 900 acres of the property, with approximately 500 acres remaining owned by another group of Walton investors.
“We are excited to be a part of one of the fastest growing communities in Colorado,” said Jen Ruby, Walton’s Senior Vice President, Land. “This is the first sale completed between Walton and Oakwood Homes, and we look forward to more to come.”
Walton entered into a residential option agreement with Oakwood in mid-2020. Walton’s option agreements are structured so the land is bought in phases over time as part of Walton’s successful exit-focused strategy of holding land for future development and providing just-in time inventory to builders.
“The Banning Lewis Ranch exit is anticipated to maximize returns to investors and exceed the original investment objectives over the life of the land option agreement, while at the same time meeting local market demand with new residential development,” Ruby said.