SCOTTSDALE (March 31, 2022) – Walton Global, a real estate investment and land asset management company with US$3.4 billion under management, has announced the closing of the sale of 1,215 acres of land in Hunt County, Texas. The property, called Kimberlin Heights, is in the Dallas-Fort Worth area and is intended for residential and ancillary uses.
The land sold by Walton Global was acquired by a partnership led by Rex Glendenning, along with Raj Kiran Veeramachaneni, Sudheer Rabu Bagham and Ravi Kollipara as an investment property. Caleb Lavey with REX Real Estate and Taylor Boyd with Adler Properties acted as brokers for the buyer and seller.
“This is an exciting next step for this property,” said David Peter, executive vice president of Walton Global. “The Dallas-Fort Worth market is extremely hot, and we look forward to continuing our important role in its development as well as supplying land into the pipeline.”
As a result of the land sale, a distribution of approximately $36 million will be made to Walton investors for this property.
The land is located at the southwest corner of Farm-to-Market Road 902 and the future Grayson County Tollway Extension, which is projected to pass adjacent to, or through, the property. It is within the Grayson County Double Platinum Ranch Water Control and Improvement District No. 1. Intended for the site are single- and multi-family residences, schools, retail and offices. The sprawling number of acreage allows for amenities such as trails, pools and active and passive open space parks. Higher intensity land uses adjacent to the future highway are also planned.
Walton Global continues to play an important role in administering land investment projects, and the company’s focus on high-demand real estate markets makes them a go-to for homebuilder and investor projects.