Walton Group Executes Option Agreement with a Publicly Traded Homebuilder on 141-acre Pre-development Land in Union County, Charlotte
Press Release, 2020/03/18
USD 6.3 million in sales proceeds is anticipated to be distributed to pre-development land investors through 2021 – 2026.*
In March 2020, landowners voted to approve the sale of a pre-development land parcel located at Union County, to a a publicly traded homebuilder in the United States. The purchaser has executed an option agreement whereby the Southgate Master Plan will be transacted in two phases, with over USD 6.3 million anticipated to be distributed to land investors through 2021 to 2026*.
According to the terms of the option agreement, the purchaser will obtain final approvals and construct onsite and offsite infrastructure necessary for the development for a single-family residential master-planned community of 282 lots.
“We see the strong housing needs across the nation, and we’re excited to be providing solutions to homebuilders for mid to long term land inventory off their balance sheet and at the same time generate returns to our land investors,” said Gary Tom, President of Walton International Group Asia. “We work with national builders by holding and planning land for future development, aligned with the just-in-time inventory land management trend across the industry, while offering secure pre-development land investment opportunities for our land assets in all markets.”
The Walton Group’s recent acquisition of Lee Farms, a 245-acre property in Denver-Fort Collins, Colorado, provides investors with the latest exit-focused pre-development land opportunity. We have partnered with the same purchaser as the Southgate Master Plan, with a target to develop Lee Farms into a single-family residential master-planned community where the demand for affordable housing is strong. The expected procurement of the property by this top publicly traded homebuilder provides an assured path for the exit strategy with the anticipated returns delivered to investors within 2 – 3 years.
*Subject to change pursuant to the Option Agreement