A firm headquartered in Scottsdale, Arizona, paid $5.5 million last week for a 187.7-acre parcel in Bolivia, according to Brunswick County records.
Walton Global, a real estate investment and land asset management company, is the new owner of the property, known as Mariners Reach. The subdivision plan, which includes 457 entitled residential lots, was originally approved in 2007 and granted vested rights in 2018, meaning developers are allowed to proceed with the previous plan as approved, said Marc Pages, principal planner with Brunswick County.
The property previously belonged to Beverly Holdings of Conway, South Carolina. A news release from Walton Global stated development on the Mariners Reach plan is scheduled to start this year.
"The Mariners Reach acquisition is an important milestone for Walton Global’s Builder Land Financing program, a new land investment business line that the company launched in 2020 that was established to help homebuilders across the country secure land supply and hold it until they are ready to build new homes," according to the release.
Mariners Reach is expected to offer an assortment of housing options including townhome units, 55-foot lot single-family homes and 90-foot lot single-family homes, the release stated. The community plans also include a pool with cabanas, a clubhouse, sports courts and a playground.
Embarking on the next phase of its Builder Land Finance Program, beginning with the acquisition of Mariners Reach, company officials foresee "a wealth of fresh opportunities that will benefit both investors and homebuyers proven by our track record under this program. Our continued collaboration with homebuilders will usher in an exciting era of growth and innovation for the real estate industry," said Michael Slavotinek, vice president of asset management for Walton Global.
The Mariners Reach property joins Walton Global’s 15 additional assets throughout North and South Carolina, and the company is continuing to search for even more land acquisition opportunities within the region.