Walton Acquires 199-Acres That Will Bring New Home Inventory to Bakersfield, California
SCOTTSDALE, Ariz. – Walton, a leading global real estate investment, land asset management and administration company, has announced the acquisition of 199 acres in Highland Knolls located in Bakersfield, Calif.
The Kern County property’s boundary begins south of Highland Knolls Drive, north of College Avenue, and west of Morning Drive; a portion of the property is also north of Highland Knolls with frontage to Highway 78. It is conveniently located seven miles east of Highway 99, two miles west of Bakersfield Golf Club, and a six-minute trip east of downtown Bakersfield. With the Highland Knolls land acquisition, Walton has an exit-focused letter of intent in place with a top national homebuilder that plans to build new homes on 169-acres of the property and an additional 30-acres is available for commercial development.
“The Southern California real estate market continues to be a booming area of the country for development, and we couldn’t be more excited about this acquisition in Bakersfield,” said Walton’s Executive Vice President of Land and Real Estate Acquisition, Barry Dluzen. He added, “We are always happy to support a premier homebuilder to bring needed home inventory to an increasing housing market and to accommodate the region’s growth.”
One of California’s hubs for agriculture and energy production Bakersfield is also known as the “Country Music Capital of the West Coast.” The city is located at the southern end of the San Joaquin Valley on the Kern River. Residents can enjoy fine dining, outstanding shopping and exciting outdoor recreation in the mighty Sierra Nevada Mountain Range and the Sequoia National Forest.
The Highland Knolls land acquisition continues to grow Walton’s more than 81,000-acre owned and administered land portfolio across the United States, providing a scalable land acquisition platform to support homebuilders and developers with just-in-time inventory.