Walton Announces Land Option Agreements for Two Single-family Home Developments in Charlotte Metro Area
The Mecklenburg Times, 2020/03/20
Walton, a real estate investment and land asset company with US$3.8 billion under management and administration, has entered into residential land option agreements with a leading publicly-traded homebuilder for more than 800 single-family residential lots within two master-planned communities in the Charlotte, N.C. metro area.
The Walton property holdings and community locations are Westlake in Mount Holly and Sanctuary at Southgate of Indian Trail, N.C.
Westlake is a 301-acre master planned community located in Mount Holly, a northwest suburb of Charlotte. The community is anticipated to feature 600-plus single-family detached homes and is currently underway with its entitlement process. Development at Westlake is anticipated to begin by December 2021, with new home deliveries expected to start by April 2023.
Sanctuary at Southgate is a 140-acre residential community located in Indian Trail, a southeast Charlotte suburb. The master-planned community will also include 240 multifamily apartments and a 24-acre retail shopping center currently under contract with a local Charlotte area development firm. Development of 282 townhomes and single-family detached lots is planned to begin March 2021, with new home deliveries expected to begin in May 2022.
“Since the National Association of Realtors named Charlotte as one of the Top 10 housing markets in the country, Walton is thrilled to be part of the growth in one of the hottest areas for residential development,” said Adam Morman, General Manager – Mid Atlantic at Walton.
Each of the two properties are currently undeveloped land. The homebuilder will be developing each property, including front-end infrastructure requirements and building future amenities and single-family homes in each community. The option agreements will be taken down in phases over time, with the last phases estimated for 2028.
Walton is currently eyeing additional land transactions in the Charlotte area.
Walton’s 106,000-acre portfolio located in the United States and Canada, provides a scalable land acquisition platform to support homebuilders with just-in-time inventory management. Walton’s approach is an innovative response to secular shifts in the land development industry, which is increasingly challenged to finance acquisition with debt.
For more than 40 years, Walton has researched, planned, and structured pre-development land investments located in the major growth corridors throughout the United States and Canada. The evolution of Walton has opened the door to offering new products, like the BOLD Fund, creating additional opportunities for investors and homebuilders.
Walton is a privately owned, leading global real estate investment, land asset management and administration company that has focused on strategically located land in major growth corridors for more than 40 years. The company manages and administers US$3.8 billion of real estate assets in North America, on behalf of its investors and business partners. Walton has more than 106,000 acres of land under ownership, management and administration in the United States and Canada. Key entities in the Walton Group include Walton Global Holdings, Walton International Group and Walton Development and Management. For more information visit Walton.com.