Walton Sells 372 Lots to D.R. Horton for Residential Development in Southern California’s Inland Empire
Inland Empire Business Journal, 2021/03/24
SCOTTSDALE, Ariz. (March 24, 2021) – Walton, a real estate investment and land asset management company with US$3.39 billion under management, has sold 276 lots in Victorville and 96 lots in Moreno Valley, both located in the Riverside-San Bernardino-Ontario metropolitan area, to D.R. Horton, the largest homebuilder by volume in the United States.
The Victorville sale of 52 acres for a planned community named Santolina closed in March 2021 and is located in the West Creek master plan at Mojave Drive and Cobalt Road. The San Bernardino County pre-development land is planned for 276 single-family homes ranging from 1,602 to 2,617 square feet offering a variety of homes for individuals, families and multi-generational households. Development of the property is anticipated to begin this spring with home sales expected to start in summer 2021.
Victorville is a leading city for both industry and retail in the High Desert region. It is a growing, vibrant community, home to mountain vistas and family-friendly recreational activities including Spring Valley Lake, and within a few hours of SoCal beaches, national parks and mountain retreats. Located within a 10-minute drive of shopping centers and restaurants, three schools are adjacent to the property including a charter school, elementary and middle school. I-15 provides convenient access to employment centers located throughout the Riverside-San Bernardino area.
In a second transaction, Walton sold 30 acres located at Alessandro Boulevard and Brodiaea Avenue in the planned community called Del Sol in Moreno Valley. The final platted property is intended for 96 single-family homes ranging from 1,978 to 2,722 square feet. Walton entered into a residential land option agreement with D.R. Horton who acquired the land to develop the community perfect for first-time homebuyers. Development of the property is anticipated to begin this spring with home sales anticipated in late fall 2021.
Moreno Valley is the second-largest city in Riverside County, offering a family-friendly community and good access to one of the most active employment corridors in the Inland Empire. The community features acres of parks, bike paths and scenic vistas and is home to schools, great dining, the Cottonwood Golf Center and March Field Air Museum.
The Victorville and Moreno Valley properties are located in the expanding residential areas of the Inland Empire of southern California, 45 minutes from Ontario Airport and provide commuter access to downtown Los Angeles and San Diego.
“We are excited to support the delivery of new homes in highly desirable communities like Victorville and Moreno Valley, which are prime for residential development,” said Ed Hadley, Executive Vice President of Builder Land Acquisition for Walton. “These new-home communities contribute to the greater infrastructure of the Inland Empire region and provide affordable single-family living as well as an attractive investment opportunity, which is one of Walton’s exit-focused strategies working with national builders to acquire land.”
Walton currently has several thousand acres under management in the Inland Empire area and is actively working on a number of additional land opportunities in the area.
Walton’s portfolio of more than 105,000-acres located across the United States and Canada, provides a scalable land acquisition platform to support homebuilders with just-in-time inventory. Walton’s approach is an innovative response to secular shifts in the land development industry.
For more than 40 years, Walton has researched, planned, and structured pre-development land investments located in the major growth corridors throughout the United States and Canada. The evolution of Walton has opened the door to creating additional opportunities for investors and homebuilders alike.