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04/26/2012

Hillwood sells 20 acres in north Fort Worth to Atlanta apartment developer

FORT WORTH — Hillwood Communties, a Perot company, has sold 20-acres in north Fort Worth near its Heritage community, to Atlanta-based Davis Development, which plans a 322-unit luxury apartment community called The Sovereign.

Davis Development is expected to begin construction later this year, said Venture Commercial, which represented Hillwood in the sale. The property is on North Tarrant Parkway between Ray White Boulevard and Highway 377.

"With its proximity to major thoroughfares, great retail, and Keller ISD schools, this is a great location for our fourth DFW multi-family project," said Gene Babb, who handles land acquisitions for Davis Development, in a statement.

Many of the units will feature direct-access garages.

Venture’s Ken Reimer and David Davidson Jr. assists Hillwood Communities and is also marketing another 23 acres of land near the planned community.

In February, Hillwood announced plans to build 3,000 apartments in the next decade. Housing demands at Alliance, Hillwood’s 17,000-acre residential, office, retail and industrial project in north Fort Worth, are growing because of a growing employment base, Hillwood said.

Hillwood has about 300 acres zoned for multifamily use just east of Alliance Town Center, which runs along Interstate 35W from North Tarrant Parkway to Golden Triangle Boulevard. The land can accommodate about 5,000 units.

_ Sandra Baker

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The Sovereign, this will be a great place to live I will book one apartment there, thanks for the share.

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