Rockpoint Group to Fuel Walton Global’s BTR Plans
Posted on 06/13/2022
Walton Global Holdings, LLC (Walton Group) is a real estate investment and land asset management company with US$ 3.6 billion under management. Walton Group formed a joint venture with The Rockpoint Group, a real estate private equity firm based in Boston, to support the growing demand for single-family homes in the form of rental communities across the United States. Rockpoint intends to invest up to US$ 300 million in equity in Walton’s Build-to-Rent (BTR) line of business that is expected to total up to $1 billion in real estate assets.
Walton’s BTR platform was launched in 2021. The joint venture is initially focusing on targets within Walton’s existing Master Plans and more than 81,000-acre land portfolio across the U.S. Walton has an initial pipeline of approximately 3,500 units in expanding MSAs such as Atlanta, Austin, and Jacksonville, that are targeted to be part of the joint venture.
Financing
Walton Global recently closed a US$ 100 million facility provided by affiliates of funds managed by Fortress Investment Group LLC. The funds will be allocated to Walton’s builder land financing (BLF) business line to acquire properties in high growth areas to support home demand across the United States. Walton’s first facility acquisition to utilize the Fortress facility closed in May 2022. The US$ 9.5 million project, La Playa, is a development located in Hayward, California within Alameda County in the San Francisco Bay Area, with plans to develop 47 new homes.
In 2021, Walton Global sold more than 9,500 acres with a value of nearly US$ 300 million from their existing land portfolio, which translates into thousands of new homes throughout the U.S., to builders including D.R. Horton, Pulte Homes, M/I Homes, and Regent Homes.
Walton’s 2021 land acquisition announcements totaling 2,150 included the acquisition of 632 acres of land for residential development in the U.S. – California, Colorado, North Carolina, and Texas. In the November and December 2021, Walton Global acquired 208 acres in Stonebreaker, a master-planned community in the City of Dacono, which is located on the east side of Interstate 25 outside of Denver. Walton had secured 217 acres for residential development in Union New Hope, which is near Charlotte, North Carolina. Walton acquired 166 acres in Seguin Ranch located in Greater San Antonio. Walton entered the Northern California market by obtaining 67 acres of land in the Sacramento area for the Feather Glen development.