Walton Acquires 174 Lots for Residential Development in Menifee, Calif.
Walton, a real estate investment and land asset management company with US$3.39 billion under management and administration, has acquired 174 lots across 46.9 acres at the southwest corner of McLaughlin Road and Sun City Boulevard in Menifee, Calif.
Walton recently entered into a residential land exit option agreement with a national homebuilder to develop the residential property.
Construction of the single-family homesites is planned to begin in the fall of 2021.
Menifee is centrally located in the heart of Southern California, along Interstate 215 and 15 miles north of Temecula, Calif. A vibrant city with a population of more than 97,000, Menifee residents enjoy an abundance of recreational offerings, convenient proximity to some of Southern California’s premiere attractions and employment centers.
“Menifee is one of California’s most promising new cities with a growing family-oriented population and we are looking forward to this new housing development becoming a part of Walton’s portfolio,” said Ed Hadley Walton’s Senior Vice President of Land. “Within its 50 square miles, Menifee’s business, retail and entertainment outlets are starting to shape the community’s character and is contributing favorably to the city’s economic base. We are excited to be working with a major homebuilder to fill this new single-family home need in this growing area of southwest Riverside County.”
Recognized as one of the top 10 cities for growth in Southern California, Menifee is attracting young families looking for shopping, dining and entertainment amenities in their own community. The business-friendly city is investing more than $170 million in infrastructure and traffic improvement projects over the next five years, according to the City of Menifee.
The Menifee land acquisition, known as Garrett Sagewood in Walton’s property inventory, adds to Walton’s 85,000-acre portfolio of owned or administered land located across the United States, providing a scalable land acquisition platform to support homebuilders with just-in-time inventory management.
For over 40 years, Walton has researched, planned and structured pre-development land investments located in the major growth corridors throughout the U.S. and Canada. The evolution of Walton has opened the door to offering new products, creating opportunities for investors and homebuilders.