One of the Charlotte region’s most active homebuilders has obtained more land for new development.
Earlier this month, D.R. Horton Inc. (NYSE: DHI) acquired a 57-acre site in Union County from asset management firm Walton Global Holdings. The site is named Sanctuary at Southgate and is within the Southgate master-planned community at North Rocky River and Poplin roads in Indian Trail. D.R. Horton has plans to develop 231 single-family homes and 52 townhomes at the site. Union County real estate records show the land was acquired for over $2.4 million.
“We are excited to have closed on our first site with the Walton Group in the greater Charlotte area and are looking forward to the success of the community, as well as future communities that we are working on together,” said Jim McKinney, city manager for D.R. Horton’s Charlotte South division.
The first phase of Sanctuary at Southgate is expected to include 115 single-family homes, including a mix of two-story and ranch-style offerings. The price ranges for those homes will be in the high $400,000’s to mid-$500,000’s range. A timeline for the new homes to be completed is unclear.
In addition to the D.R. Horton project, the Southgate development is expected to include 240 multifamily units and commercial space.
“We are pleased to announce the sale of the Sanctuary at Southgate property to D.R. Horton,” said Michael Slavotinek, Walton Global’s vice president of asset management. “This parcel is positioned in an opportune, growing corridor near Charlotte, with incredible untapped potential. The development of this land supports our commitment to building long lasting communities that meet the needs of the growing population in the area.”
The land deal represents an agreement between two active players in Charlotte’s residential real estate market.
D.R. Horton came in at No. 5 on the Charlotte Business Journal’s most recent list ranking the largest single-family homebuilders in Mecklenburg County based on permits pulled in 2022. The Texas-based national homebuilder pulled 162 permits worth $33.2 million in Mecklenburg County last year, according to CBJ data.
Walton Global is based in Scottsdale, Arizona, and uses its land holdings to work with developers and facilitate new projects. The company’s portfolio includes over 8,000 acres in the Carolinas, including 2,200 acres in North Carolina. Walton Global has been especially active in Gaston County in recent years.