Walton, a real estate investment and land asset company with US$3.8 billion under management and administration, has sold 118 residential lots in the Deer Hills master plan and 59 residential lots at Riverbend West, both located in Belvidere, Ill.
The Deer Hills community is situated on Route 20, north of I-90 and the Riverbend West property is located south of Route 20, between McKinley and Bonus Avenues. The total 53-acre property sale to Newark Holdings LLC represents 177 total lots in Belvidere, a suburb of Rockford.
A Walton Managed Real Estate Fund originally purchased the Deer Hills and Riverbend West parcels in 2013 as part of an opportunistic distressed asset real estate fund targeted to land and vacant developed lots throughout the United States.
Deer Hills currently has approximately 1,400 residents and Riverbend West is home to 1,700 residents. With a mix of hometown feel and modern conveniences, Belvidere was recently ranked in the top 10 Best Places to Live within proximity to Rockford and the greater Chicago area.
“We are excited about the recent sale on our Illinois assets. Belvidere is a great city to live and work and is very appealing to young families looking for more rural, spacious lots in a small-town community atmosphere,” said Ed Hadley, Senior Vice President, West Division at Walton.
Walton’s 104,000-acre portfolio located in the United States and Canada, provides a scalable land acquisition platform to support homebuilders with just-in-time inventory management.
For more than 40 years, Walton has researched, planned, and structured pre-development land investments located in the major growth corridors throughout the United States and Canada. The evolution of Walton has opened the door to offering new products creating additional opportunities for investors and homebuilders.