Arizona real estate company Walton added to its Loveland real estate holdings with the purchase of 113 acres at the crossroads of Campion and South Lincoln Avenue in Loveland.
Walton – which is unrelated to Walton Street Capital which owned the Foothills Mall in Fort Collins – has a letter of intent with a national home builder for the property known as Lincoln.
Rights and construction likely won’t start until 2022.
The property is five minutes from downtown Loveland and 25 minutes from downtown Fort Collins.
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Walton executive vice president Barry Dluzen said Walton is working with domestic builders in growing markets across the country where it is acquiring land using an exit-driven strategy that gives the builder the right of first refusal to buy and develop plots.
“Our strategy of holding land for future development has been beneficial for home builders and the real estate market,” said Dluzen. “We are very pleased to support the new home inventory in the Town of Loveland, which is experiencing continued growth and has been an attractive area for many home buyers,” he said.
As the stock of available-for-sale homes declined, the median selling price of a single-family home in Loveland climbed to $ 424,000 for the first five months of the year, a 10.1% jump. Yet the city remains one of the most affordable communities in Larimer County.
In comparison, the median price of homes in Fort Collins reached $ 520,000.
Walton Global purchased the 245 acres of Lee Farms at 4300 Wilson Ave. in northwest Loveland for a planned community of 900 homes.
The Lincoln acquisition adds to Walton’s portfolio of 105,000 acres in the United States and Canada, including properties in Berthoud. It manages and administers $ 3.4 billion in real estate assets in North America on behalf of its investors and business partners.
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Pat Ferrier is a senior journalist who covers business, health care and growth issues in northern Colorado. Contact her at firstname.lastname@example.org. Please support his work and that of other Colorado journalists by purchasing a subscription today.