National landowner Walton Global Holdings is launching a build-to-rent business line that will put 81,000 acres of its 98,000-acre land bank to use for single-family rental-home developments.
“We see this as a tremendous opportunity to utilize our properties to provide additional single-family home inventory to growth markets throughout the country, but more importantly, affordable housing during a time when for-sale home pricing is rising at a dramatic pace,” Walton CEO Bill Doherty said in a press release. “We also recognize land is a high commodity for builders and single-family rental companies to enter this space — we are a natural partner for them.”
For the last 42 years, Scottsdale, Ariz.-based Walton has specialized in pre-development land and land development. It has assets in 24 U.S. and Canadian cities, including Atlanta, Chicago, Houston and Phoenix, and 11 projects in Florida.
Two of note to South Florida are:
- The Village at Midway Master Plan is 516 acres and lies directly in the path of growth advancing northwards from the Miami-Ft. Lauderdale MSA and is located in St. Lucie County.
- Hibiscus is 153 acres located on the southwest corner of 4th Street and 90th Avenue in the Indian River Community in Vero Beach, Fla.
The real estate investment and land asset-management company has $3.4 billion of assets under management. It has identified 17 near-term development opportunities and is in advanced negotiations with builders and developers to construct build-to-rent communities with about 2,500 units across the country.
The company also plans to develop additional projects within its network of more than 180 master-planned communities and through new land purchases.