CALGARY, Alberta--(BUSINESS WIRE)--Walton Westphalia Development Corporation (the “Corporation”), the developer of Westphalia Town Center in Prince George’s County, Maryland announced today the signing of a Letter of Intent with Bonaventure Realty Group, LLC (“Bonaventure”) to construct and manage a 250-unit apartment project at Westphalia Town Center. The agreement includes the option to construct an additional 150-unit project in a future phase.
“We are excited to be a part of Westphalia Town Center,” said Dwight D. Dunton III, President and CEO, Bonaventure (www.bonaventure.com). “It is the premier community in Upper Marlboro. We look forward to adding to the excitement the community is bringing to Prince George’s County.” Bonaventure is a real estate services provider executing best-in-class solutions within the multifamily sector. They manage, develop, and finance multifamily communities across 4 states and 28 properties.
Westphalia Town Center is a dynamic community that blends an urban feel with a suburban setting located only minutes from the Capital Beltway. The apartment project will bring additional housing options to Westphalia Town Center that will complement the existing townhomes being constructed by Haverford Homes, Ryan Homes and Mid-Atlantic Builders – three of the top homebuilders in the Washington, DC metro area.
“We are pleased to have signed the Letter of Intent with Bonaventure Realty. Dwight and his team are well-respected and will help us further our goal of offering a distinctive living experience for those looking for quality, value, and amenities in Westphalia,” said Bill Doherty, CEO of the Corporation and Chief Executive Officer of Walton Global Investments Ltd.
The Corporation is managed by Walton Asset Management L.P. and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.
The Walton Group of Companies (“Walton”) is a multinational real estate investment, planning and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors.
Walton has been in business for over 35 years and takes a long-term approach to land planning and development. Walton’s industry-leading expertise in real estate investment, land planning and development uniquely positions Walton to responsibly transition land into sustainable communities where people live, work and play.
The Walton Group manages 21 active developments and administers or manages over 103,500 acres of land in North America.
Its communities are comprehensively designed in collaboration with local residents for the benefit of community stakeholders. Its goal is to build communities that will stand the test of time: hometowns for present and future generations.
For more information about Walton Westphalia Development Corporation, please visit www.sedar.com. For more information about Walton, visit Walton.com.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. The risks, uncertainties and other factors that could influence results are described in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.