PHOENIX – Walton, a real estate investment and land asset management company with US$3.4 billion under management and administration has acquired 34 acres planned for residential development by a large national publicly traded homebuilder and has secured interest in the form of a letter of intent for the land. The property is located west of Hewitt Street and south of East Commonwealth Street in San Jacinto, Calif.
San Jacinto is a popular commuter suburb for Riverside, San Bernardino and Moreno Valley and an expanding residential area within Inland Empire in Southern Calif. The Walton property is roughly 45 minutes from the Ontario Airport and accessible via the freeways to downtown and is situated 10 miles south of Interstate 10 and 14 miles east of Interstate 215, providing easy access to Los Angeles and San Diego. Ian Sinderhoff from the brokerage Land Advisors Organization represented the seller for the land transaction.
“We continue to search for opportunities to expand our land portfolio in the Inland Empire area,” said Barry Dluzen, Walton’s Executive Vice President. “This is an active market area for residential development for Southern Californians seeking newly built, affordable home options. We look forward to working with our homebuilder client on this project to supply additional lot inventory to this market.”
According to John Burns Real Estate Consulting, the population in Riverside County is forecasted to experience steady, healthy growth for the next four years, making additional home inventory an important factor to support new residents.
Close to the San Jacinto Mountains, the Walton property will allow residents to enjoy hiking, biking and other outdoor recreational activities. It is also close to retail shopping, schools and an easy commute to corporate companies including Amazon, P&G, Riverside Health System and Kaiser Permanente.
The San Jacinto land acquisition will add to Walton’s current 3,262 acres under management in the Inland Empire area.