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Texas

After six years, Walton sells off last of $1.4 billion Fort Worth project

Buyers Meritage, Trophy Signature Homes plan 490 new single-family houses

William (Bill) Doherty, chief executive officer, Walton (Walton, iStock)
William (Bill) Doherty, chief executive officer, Walton (Walton, iStock)

Six years after Arizona-based Walton Global bought the $1.4 billion Chisholm Trail Ranch community, the company sold the last of it to builders Meritage and Trophy Signature Homes.

Walton initially bought 625 acres of undeveloped land situated nine miles Southwest of downtown Fort Worth in 2016. The just-sold 118-acre property will be used for 490 new houses offered by builders Meritage and Trophy Signature Homes. The development will include parks, trails, open spaces and a recreation center with a pool, according to Dallas Morning News.

The development is in the City of Fort Worth in Tarrant County along the Chisholm Trail Parkway. The master-planned community encompasses a newly opened Chisholm Trail Community Center and The Shops at Chisholm Trail Ranch, which currently has 90% occupancy.

Developers and investors have been flooding into north Texas, making the Dallas-Fort Worth metro area the 11th-most valuable in the nation, worth a total of $782 billion – $491 billion more than a decade ago, according to a Zillow report.

Though north Texas’ booming housing market has caught the eyes of top developers and investors, Dallas-Fort Worth ranks 19th most overpriced in the nation, with a roughly 40 percent premium.

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“We continue to see robust homebuyer interest in the Greater Dallas Fort Worth market, and specifically in Fort Worth,” Walton executive vice president David Peter said in a statement. “We value our national relationship with Meritage, one of the top homebuilders in the U.S., and are pleased to be bringing additional single-family homes to the marketplace with them.”

The 42-year-old company specializing in pre-development land and land development oversees 98,000 acres of land in the U.S. and Canada valued at $3.4 billion. The company’s assets span 24 cities including Atlanta, Chicago, Houston and Phoenix, as well as four major Florida metros.

The strategy of selling off smaller pieces of land to builders rather than selling off entire tracts at once is a relatively new practice adopted by the established developer.

Walton has steadily built its reputation with investors after making headlines in 2019 when 300 Walton land projects, from Alberta to Washington, worth $3.8 billion were delayed, leading to a litany of lawsuits and a number of big investors hiring private investigators to track the proceeds of Walton’s land syndication.

[Dallas Morning News] – Maddy Sperling