The transactions pave the way for 300 single-family homes in Gastonia, North Carolina, and further development of the Madison Lakes Master Plan community in Morgan County, Georgia
D.R. Horton purchased 158.32 acres in Gastonia, North Carolina, for $3.5 million from Land Advisors Organiziation’s Charlotte office and 65 lots in Morgan County, Georgia, from Walton Global.
The builder plans to develop more than 300 single-family homes on the land in North Carolina. Development of the detached single-family home subdivision in Gastonia is slated to begin this spring, with the first homes likely to be completed in spring 2023.
“There is an unprecedented interest and incredible growth in southern Gaston County,” says Forde Britt, designated broker for Land Advisors Organization’s Charlotte office. “D.R. Horton and many other home builders continue to seek out large land positions in areas like this as the demand for new homes continues.”
According to Land Advisors Organization, increasing demand in the Charlotte area, due to individuals seeking more spacious living situations and in-migration across the state combined with low inventory and low interest rates, have led builders to expand into secondary markets such as Gastonia. As inventory is now less than one month for many companies, builders are seeking new areas that meet customers’ needs in terms of convenient transportation corridors and desirable lifestyle amenities, according to the brokerage firm.
The property in Morgan County is part of the Madison Lakes Master Plan, located about a mile south of Interstate 20, which provides direct access into downtown Atlanta. The purchased lot sits on 44 acres of land. The first phase of 40 lots closed in September 2021, and the final 25 lots closed this month.
“It is very exciting to have Horton in the Madison Lakes community,” says Anthony Sparrow, senior vice president of Tennessee and Georgia for Walton. “This will provide badly needed housing inventory in a market that has seen recent job growth and housing demand. Horton’s variety of housing product and superb marketing capabilities will be a great fit for the market and community.”
The master plan in Georgia is zoned as Planned Unit Development, which allows for 1,471 single-family units. The majority of the master plan is undeveloped land consisting of 913 additional acres. The developed portion of the master plan contains 213 lots, open space, ponds, a clubhouse, a swimming pool, a playground, and tennis courts.