Walton Enters into Option Agreements with National Builders for $63.2 million in U.S. Land Funds
CORPORATE RELEASE - Walton is pleased to announce the results of the Special Meeting of Limited Partners held for Walton U.S. Land Fund 4, LP (USLF4) and Walton U.S. Land Fund 2, LP (USLF2). The two separate meetings held in April 2021 resulted in approval of residential option agreements with national builders for an aggregate of approximately 1,235 acres with a value of $63.2 million, representing all or portions of the Rock Creek Ranch, Bellehaven and West Creek properties, in which USLF 4 owns an interest, and the Redwood Valley property, in which USLF2 owns an interest.
USLF4 and USLF2 own interests in a total of approximately 1,480 acres of land combined. The funds required investor approval before the properties can be sold. The approval from the April meetings included approximately 1,062.46 acres for USLF4 and 173.27 acres for USLF2 in option agreements. The remaining acreage remains available for acquisition by other purchasers, which may consist of residential builders or other developers.
U.S. Land Fund 4
On April 9, 2021, the limited partners of USLF4 voted to approve residential option agreements with the national builder for the Rock Creek Ranch, Bellehaven and West Creek properties.
Rock Creek Ranch is 831 acres. The residential agreement with a national builder includes approximately 633.3 acres with development plans anticipated to take place over the next 10 years. The national builder proposes to construct single-family homes within 1,781 lots in 9 phases that will be marketed to home buyers as the phases are complete. The remaining 225 acres remains available for purchase and is expected to be developed for multi-family, mixed-use and commercial purposes.
The Bellehaven and West Creek agreements with the national builder include residential development for the total properties of approximately 251.16 acres and 175.92 acres respectively. Development plans have not been announced.
U.S. Land Fund 2
On Friday April 16, the limited partners of USLF2 voted to approve a residential option agreement with a national builder for approximately 173.27 acres of the Redwood Valley property. Development is anticipated to take place over the next 6 years with plans to build approximately 650 single-family homes. The remaining acres within the Redwood Valley property remain available for purchase.