A Canada-based land investor and developer has snapped up 400 acres in Cedar Hill, southwest of Dallas.

Walton Group Holdings Ltd., a real estate investment and land asset management company with almost $3.39 billion in holdings in North America, has purchased 400 acres on Lake Ridge Parkway near Joe Pool Lake.

The property, which is west of U.S. Highway 67, is planned for 1,100 single-family homes.

Walton said it has identified a “top builder” that will take the majority of the land. And the firm is in negotiations for sales of other parts of the property to rental home and senior housing developers.

“We are excited to work with this national homebuilder on moving the Cedar Hill development forward to create additional residential options in this dynamic market area,” Brad Wiley, senior land acquisition manager for Walton, said in a statement.

Vanguard Real Estate Advisors brokered transaction.

Walton has other properties in Ellis County, near Austin and Houston and in the San Antonio area. The company also has holdings in Fort Worth’s Chisholm Trail Ranch.

Walton has previously sold North Texas development sites to builder D.R. Horton.

Walton has 85,000 acres located across the United States. The company has been in business for more than 40 years.