Walton Acquires 94 Acres for the Development of 337 Single-Family Lots in Southern California’s Growing Inland Empire in Riverside County
Press Release, 2020/08/25
Walton, a real estate investment and land asset management company with US$3.39 billion under management and administration, has entered into a residential land exit focused option agreement with a national homebuilder to develop 337 single-family homesites located in the Las Colinas Village community in San Jacinto, Calif.
The acquired land in the Inland Empire of southern California, totals 94 acres and is located off the Ramona Expressway with easy access to Interstate 215 and Interstate 10. Located in a rapidly expanding residential area, the Las Colinas community is a popular commuter suburb for Riverside, San Bernardino and Moreno Valley. It is 45 minutes from Ontario Airport and many residents also commute to downtown Los Angeles and San Diego.
The single-family residential lots range in size from 50 to 70-feet wide and the development is planned to begin in 2022 with delivery of the first homes in 2023.
“Walton is pleased to add another property to our Inland Empire portfolio. The Las Colinas community will meet the growing demand for affordable single-family homes in the market. We are excited to have a national homebuilder express interest in this land for new development,” said Barry Dluzen, Walton’s Executive Vice President, Land, Real Estate Acquisition and Disposition.
Located at the base of the San Jacinto Mountains where residents enjoy hiking, biking and other outdoor recreational activities, Las Colinas is also close to Diamond Valley Lake Community Park, The Soboba Springs Golf Course, Soboba Casino Resort, shopping malls, schools and corporate employers including Amazon, P&G, Riverside Health System and Kaiser Permanente.
The Inland Empire’s population increased by 59,400 residents during a recent 12-month period of May 2019 to April 2020, according to John Burns Real Estate Consulting. This statistic encompasses the rapid growth in areas of southern California that are prime for residential development.
Walton currently has 3,262 acres under management in the Inland Empire area and is actively working on additional transactions in Southern California.