Walton, a real estate investment and land asset management company with US$3.39 billion under management and administration, has acquired 138 homesites within the master-planned community of Verano located at the northwest corner of Verano Road and Rio Vista Drive in Cathedral City, Calif. In a second transaction, Walton then sold the finished lots to D.R. Horton, the largest homebuilder by volume in the U.S.
The Verano community is currently home to over 300 occupied residences and developed lots, including: a recreation center with a clubhouse, pool and fitness center, tennis courts, three-acre park and top-rated Rio Vista Elementary School. D.R. Horton has three existing neighborhoods currently selling in the master planned community – Cielo Place, The Retreat, and Bella Sol at Verano, with homes starting in the high $200s up to the high $400s and ranging from approximately 1,185 to 3,105 square feet.
“We are excited to work with Walton on the acquisition of lots in the Verano community so that we can continue to offer a variety of products and price points, supplying homes to buyers for any stage of life,” said Jonathan Smith, West Region Vice President for D.R. Horton.
The community is located in the Coachella Valley close to Palm Springs. With a population of approximately 45,500, the area is home to young professionals and family-oriented residents. Verano offers affordably priced quality homes with a master plan lifestyle convenient to retail, dining, resorts, office centers and the Palm Springs International Airport.
“Supporting the delivery of new homes in highly desirable communities like Verano is all part of our exit-focused strategy working with national builders and developers to acquire land,” said Ed Hadley, Senior Vice-president, West Region for Walton “These residential communities support the greater infrastructure of the region and provide attractive investment opportunities that Walton is excited to be part of throughout the U.S.”
For over 40 years, Walton has researched, planned and structured pre-development land investments located in the major growth corridors throughout the U.S. and Canada. The evolution of Walton has opened the door to offering new products, creating opportunities for investors and homebuilders.