(CORPORATE RELEASE) We are excited to announce that D.R. Horton has exercised their option and closed on Walton’s Garrett Sagewood Land Acquisition and Development (“LAD”) financing project, located in Menifee, California within Riverside County on March 8, 2021. The community will be marketed as Sagewood.
Recognized as one of the top growing cities in Southern California, Menifee is centrally located just 15 miles north of Temecula with a population of 97,000.
When Walton acquired the property, an option agreement was executed between Walton and D.R. Horton whereby D.R. Horton would acquire 174 lots on the property. Now that the option has been exercised, land development is expected to begin this spring, with the first home closings anticipated in early 2022.
Garrett Sagewood is one of many expected LAD-strategy sales scheduled for this year. Walton’s portfolio of more than 105,000 acres located across the United States and Canada provides a scalable land acquisition platform to support homebuilders with just-in-time inventory. We look forward to seeing the final build out of D.R. Horton’s community at Garrett Sagewood.