A Master Plan in Gunter, Texas, was Acquired from Walton by a Team of Investors
SCOTTSDALE, Ariz. – Walton Global, a real estate investment and land asset management company with US$3.4 billion under management, has closed the sale of 1,061 acres of land in the city of Gunter, Texas. The property, called Elm Creek, was acquired by a partnership led by Rex Glendenning with REX Real Estate. The same team of investors purchased the Kimberlin Heights Master Plan from Walton in March.
“We are pleased to continue working with the investment and development communities to help shape the future of Gunter County,” said David Peter, executive vice president at Walton Global. “There is significant growth and new development coming to this area north of Dallas-Fort Worth, and Walton is once again supplying land to help bring it about.”
The master plan is 43 miles north of downtown Dallas on the Grayson-Collin County line. It is strategically located just east of the proposed extension alignment of the Dallas North Tollway and State Highway 289, commonly known as Preston Road.
Caleb Lavey with REX Real Estate and Taylor Boyd with Adler Properties acted as brokers for the buyer and seller.
“With the Tollway extension scheduled to be completed by late November of this year, the timing for this new master planned community couldn’t be better,” said Rex Glendenning with REX Real Estate.
A Municipal Utility District has been established on the property, which allows the development to offer increased amenities and a range of affordable housing, enabling the property to be competitive within the market. The property has a comprehensive development agreement with the City of Gunter and a TCEQ permit for wastewater treatment onsite. The concept plan includes a mixed-use, master-planned community with single-family housing, commercial and recreational open space.
With the completion of the sale, a distribution to Walton investors will be made from this property.
Peter added, “By focusing on in-demand real estate markets and having multiple strategies to acquire and secure land, we are able to create an all-around benefit for our investors and the land buyers.”