Latest investment of $100 million sourced through funds managed by affiliates of Fortress Investment Group LLC
SCOTTSDALE, Ariz. – Walton Global, a real estate investment and land asset management company, has acquired 120 acres of land for a builder land financing facility through funds managed by affiliates of Fortress Investment Group LLC (“Fortress”). Tropical Losee is 33 acres located in Clark County of North Las Vegas, Nev., Decatur Serene is 15 acres also located in Clark County, Entrada del Oro is 40 acres located in Gold Canyon of Pinal County, Ariz., and Sekani West is 37 acres located in Spokane County, Wash.
In June 2022, Walton Global officially announced funds for a $100 million capital allocation managed by Fortress as part of its builder land financing line of business. The closing of Tropical Losee, Decatur Serene, Entrada del Oro, and Sekani West now marks a total of five facility acquisitions since Walton made its announcement in June. Walton’s first facility acquisition, La Playa Commons located in Hayward, Calif., closed in May 2022.
The properties are planned for residential development to bring new homes to the respective areas by the largest homebuilder by volume in the U.S., D.R. Horton. Each property was a simultaneous closing with D.R. Horton, providing them with direct deeding upon Walton’s acquisition.
“Our builder land financing strategy is based on being diverse in locations throughout the U.S. and selective with the types of properties we acquire ensuring we are serving the needs of our capital and builder partners,” said Ed Hadley, Executive Vice President of Real Estate for Walton Global. “Home affordability and buyer demand are the common attributes for each one of these properties.”
Tropical Losee is an approximate $15 million project with 386 units planned, including single-family homes and townhomes. The property located on East Tropical Parkway and Losee Road in North Las Vegas, Nev., is in a gated community targeting first-time homebuyers and buyers looking for affordability in an attractive community with amenities. Walton closed on Tropical Losee on July 14, 2022.
Entrada del Oro is an approximate $7 million project with 134 units planned, including single-family homes and located approximately 5 miles southeast of Gold Canyon Ranch, just northeast of US 60 via El Camino Viejo in Pinal County, Ariz. The surrounding area known as Gold Canyon features two 18-hole Championship golf courses, numerous hiking and biking trails, campgrounds and other amenities. Walton closed Entrada del Oro on July 28, 2022.
Decatur Serene is an approximate $11 million project with 222 units planned, including residential townhomes and commercial use, located at the southwest corner so South Decatur Boulevard and West Serene Avenue. There are numerous commercial and retail options within minutes of the project, located long Blue Diamond Road and is a 12-minute drive from both the Harry Reid International Airport and the Las Vegas Strip via the I-215 east and I-15 north. Walton closed on Decatur Serene on Sept. 1, 2022.
Sekani West is an approximate $8 million project with 135 units planned, including 15 single-family homes and 120 townhomes. The site will provide a new product type to the area. Centrally located to amenities and downtown, Sekani West is approximately 5 miles east of the Spokane city center and approximately 14 miles northeast of the Spokane International Airport.
The strategy used for the facility with Fortress is similar to Walton’s Builder Identified Land Target (BILT) Fund, which launched in early 2022 and is currently offered to broker-dealers, registered investment advisors, institutional and family office investors.