LOVELAND — A 900-home master-planned development will soon get underway in northwest Loveland if plans for the development receive city approval. Walton Global Holdings Ltd., doing business in Colorado as Walton Colorado LLC, purchased the 245-acre Lee Farms property at 4300 Wilson Ave. in Loveland in late December for $4 million.
The property joins the 85,000 acres in high-growth areas of the United States that the real estate investment company manages and administers. Walton Global maintains offices in Phoenix, Dallas and Calgary, Alberta, Canada. Its investments are valued at $3.8 billion.
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The company purchased the property from The True Life Cos. LLC and Lee Farms LLC, both of which share an office on 17th Street in downtown Denver. The seller is listed in Larimer County records as TTLC Lee Farms LLC.
The land, currently vacant and undeveloped, is slated for a single-family residential master-planned community, according to information from Walton Global. Walton is working with an undisclosed publicly traded homebuilder to develop the land using an Exit Focused Letter of Intent that permits the builder to develop in phases with payment to the investors as homes are sold. The method enables builders to operate without acquiring debt on a total project. Walton said confidentiality agreements limit the disclosure of information about the builder partners.
“The benefits of working with national builders through these exit focused agreements by holding land for future development is opening up tremendous opportunities for Walton in all markets where we research and acquire land,” Barry Dluzen, senior vice president of land for Walton Global, said in a written statement.