CORPORATE RELEASE – Walton has completed a sale of 58 acres within Banning Lewis Ranch to Clayton Properties Group II, Inc., the parent company of Oakwood Homes. The property is planned for 300 homes and is the second transaction under an option agreement for approximately 1,400 acres within the master planned community of Banning Lewis Ranch located in Colorado Springs, CO.
Walton entered into a residential option agreement with Oakwood Homes in early 2020. Oakwood is anticipated to purchase the property in multiple phases with plans to build residential homes as well as community parks and amenities. The first phase of development began in 2020 with nearly 200 residential lots close to completion. Development has commenced on the second phase with more than 300 residential lots expected to be completed in 2022.
“Walton was excited to enter the Colorado Springs market several years ago with the acquisition of this signature property, and we look forward to continuing to execute the investment strategy on behalf of our investors,” said Jen Ruby, Walton’s Senior Vice President, Land.
Banning Lewis Ranch was named one of the 50 Top-Selling Master Planned Communities in the nation in 2020 with a 62% increase in sales over 2019, according to RCLCO Real Estate Advisors.
Located along Banning Lewis Parkway south of Woodmen Road, Banning Lewis Ranch provides convenient access to downtown Colorado Springs and is located 15 minutes from the Colorado Springs Airport and 10 minutes from Interstate 25.