Walton, an investment, land asset management and administration company based in Scottsdale, AZ, says it has acquired an 199 acre development site in Bakersfield.
The company did not disclose the land’s purchase price.
The Highland Knolls site in Kern County begins south of Highland Knolls Drive, north of College Avenue, and west of Morning Drive; a portion of the property is also north of behalf of its investors and business partners.
Walton says in a Sept. 17 statement that it “has an exit-focused letter of intent in place with a top national homebuilder that plans to build new homes on 169-acres of the property and an additional 30-acres is available for commercial development.”
“The Southern California real estate market continues to be a booming area of the country for development, and we couldn’t be more excited about this acquisition in Bakersfield,” said Barry Dluzen, Walton’s executive vice-president of Land and Real Estate Acquisition. “We are always happy to support a premier homebuilder to bring needed home inventory to an increasing housing market and to accommodate the region’s growth.”
