PHOENIX – Walton, a real estate investment and land asset management company with US$3.39 billion under management has acquired 149 acres planned for residential development. The property is located on the southwest corner of 4th Street and 90th Avenue in the Indian River Community in Vero Beach, Fla.
Walton has secured interest in the form of a letter of intent for the pre-development land with a national homebuilder with plans to build single-family homes and townhomes on the property known as Hibiscus.
The Hibiscus property is in close proximity to I-95 and SR60, a 10-minute drive from downtown Vero Beach and an approximate two-hour drive from the cities of Miami and Dayton.
Walton’s Senior Vice President of Land, Mike Doherty said, “There are roughly 1,000 people moving into the state of Florida every day. Walton intends on supporting that influx of growth, and the increased demand in the residential home market, by identifying land assets in attractive destinations like the Hibiscus property in the Vero Beach MSA,” he added.
Recognized as one of the most peaceful beaches on Florida’s Atlantic Coast in the region known as the Treasure Coast, Vero Beach offers golfing, fishing, and scenic local parks, some of which offer access to a network of rivers and inlets where manatees frequently gather.
Vero Beach also offers a fine selection of shops, galleries and museums. It is home to the Vero Beach Outlets, which are a popular destination for young families looking for shopping, dining and entertainment amenities within their own community.
The Vero Beach land acquisition of Hibiscus adds to Walton’s 84,000-acre portfolio of owned or administered land located across the United States, providing a scalable land acquisition platform to support homebuilders with just-in-time inventory.