Thousands of homes could rise on a 1,200-acre North Texas plot that was recently sold.
Arizona’s Walton Global, which oversees $3.4 billion, sold the land in Grayson County to Rex Glendenning of Frisco-based REX Real Estate, plus Raj Kiran Veeramachaneni, Sudheer Rabu Bagham and Ravi Kollipara, the Dallas Business Journal reported. The price wasn’t disclosed.
The property, Kimberlin Heights, is near the city of Gunter and was purchased as an investment. David Peter, executive vice president of Walton Global, told DBJ that original entitlements allow for up to 6,800 single-family homes, 1,450 apartments, retail, office, industrial use and schools.
The Dallas North Tollway is expected to be extended near the property. About $36 million will be distributed to Walton investors for the sale.
Caleb Lavey with REX Real Estate and Taylor Boyd with Adler Properties were brokers for the buyer and seller.
The Scottsdale-based firm has acquired almost 34,000 acres in Texas, mostly in the Dallas-Fort Worth area. Walton estimates that its holdings in the state will amount to more than 100,000 new homes once the land has been provided to homebuilders, and the firm plans to buy 2,500 more acres in Texas this year, which the company estimates could ultimately accommodate 10,000 new homes, according to the DBJ.
“We continue to buy more properties in and around the Dallas market and we continue to sell properties in and around the Dallas-Fort Worth market,” Peter told DBJ. “Grayson County, in particular, has seen a lot of attention as a result of the big Texas Instruments plant that’s going in up in Sherman, but the toll road as well and just natural growth and migration in Dallas-Fort Worth market (make it attractive).”
[DBJ] — Kathryn Hardison