AZRE | AZBigMedia
Walton, a real estate investment and land asset company with $3.8 billion under management and administration, has sold 282 partially finished residential lots in the Tortosa master-planned community located at 36227 W. Picasso St. in Maricopa, Ariz.
The property sale to D.R. Horton represents 282 of the more than 1,100 partially developed lots in Tortosa South. The Tortosa community features approximately 1,000 existing homes, and development in Tortosa South is likely to re-commence in 2020, with homes potentially under construction in 2021.
A Walton Managed Real Estate Fund originally purchased the Tortosa lots in 2014 from North Buckeye Properties IB, LLC of Phoenix, as part of an opportunistic distressed asset real estate fund that targeted land and vacant developed lots throughout the United States.