Arizona real estate company Walton has added to its Loveland land holdings with the purchase of 113 acres at the crossroads of Campion and South Lincoln Avenue in Loveland.
Walton — which has no connection to Walton Street Capital that owned Foothills mall in Fort Collins — has a letter of intent with a national homebuilder for the property known as Lincoln.
Entitlement and construction likely will not begin until 2022.
The property is five minutes from downtown Loveland and 25 minutes from downtown Fort Collins.
Walton Executive Vice President Barry Dluzen said Walton is working with national builders in growing markets throughout the country where it acquires land using an exit-focused strategy that gives the builder the right of first refusal to buy and develop parcels.
“Our strategy to hold land for future development has been beneficial for homebuilders and the real estate home market,” Dluzen said. “We are very pleased to support new home inventory in the city of Loveland which is seeing continuous growth and has been an attractive area for many home buyers,” he said.
As the inventory of available homes for sale has shrunk, the median sales price of a single-family home in Loveland soared to $424,000 for the first five months of the year, a 10.1% jump. Still, the city remains one of the more affordable communities in Larimer County.
By comparison, Fort Collins’ median home price rose to $520,000.
The Lincoln acquisition adds to Walton’s 105,000-acre portfolio in the U.S. and Canada, including property in Berthoud. It manages and administers $3.4 billion of real estate assets in North America on behalf of its investors and business partners.
Pat Ferrier is a senior reporter covering business, health care and growth issues in Northern Colorado. Contact her at [email protected]. Please support her work and that of other Coloradoan journalists by purchasing a subscription today.