The Walton Group of Companies has acquired 74 acres of land west of Richmond, within the path of growth along U.S. Route 60. The property, known as Oakbridge Grove, has direct frontage on Route 60 that provides easy access to downtown Richmond, and is a short drive to Highway 288 with direct connectivity to I-195. This latest acquisition is the private land asset management group’s first acquisition in Richmond.

According to Edward Fleming, executive vice president, East Region of Walton Global Holdings, the number of new home closings in Richmond has surged 21% over the past year, its highest level post-recession.

“We anticipate continued growth due to robust economic fundamentals in the region,” says Fleming. “We are excited to be in a new market that understands the balance between economic development and protecting the environment. Development has been gradually intensifying west of Highway 288, along U.S. Route 60 where the future path of growth is evident.”

This article originally appeared on BuilderOnline.