A global land development company based in Canada is entering the local market with a deal in Powhatan County that could result in hundreds of new homes.

Calgary-based Walton Global Investments closed Friday on its purchase of a 74-acre tract on the south side of U.S. 60 between the Holly Hills area and Oakbridge Business Park, about a mile west of Windy Hill Sports Complex and Westchester Commons.

The purchase price was $1.15 million, said Randy Cosby, a broker with Commonwealth Commercial who worked the deal with colleague Chris Jenkins.

The transaction had not been recorded with the county assessor’s office as of Tuesday. The latest county assessment valued the land at $926,000, according to Powhatan property records.