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07/11/2012

Hillwood sells land in north FW for another apartment community

FORT WORTH — Hillwood Properties has sold a tract of land for a multifamily development, the second such land sale since it announced earlier this year it planned as many as 3,000 apartments at its Alliance development in north Fort Worth.

Hillwood sold 18.5 acres at the northeast corner of Texas 170 and Old Denton Road to SWBC Real Estate in Dallas, which plans a 318-unit community called Overlook Ranch. The development will feature 15 garden-style apartment buildings and include one-, two- and three-bedrooms units. The units will average 850 square feet.

Amenities will include a movie theatre with surround sound, car wash/detail center, clubhouse with resort-style pool and spa, and state-of-the art fitness center. Construction is scheduled to begin later this year and pre-leasing starting in early 2013, Hillwood said.

SWBC real estate is a part of SWBC Enterprises in San Antonio, which is owned by Charlie Amato and Gary Dudley. SWBC Enterprises specializes in residential mortgage lending, insurance sales and investment advisory services.

Hillwood’s has planned for the construction of as many as 3,000 apartments at the 17,000-acre Alliance, primarily in the 900-acre Alliance Town Center. Hillwood has about 550 apartments at Alliance Town Center that are completed or under construction.

In April, Hillwood sold 20 acres near its Heritage community in Alliance to Atlanta-based Davis Development, which plans a 322-unit luxury apartment community called The Sovereign. Davis Development said it expected to begin construction this year at North Tarrant Parkway between Ray White Boulevard and U.S. 377.

"Overlook Ranch fills a growing need for increased multi-family options within AllianceTexas," said Mike Berry, Hillwood president. "The project complements Hillwood’s efforts in the multi-family industry in north Fort Worth."

Blake Barnard with J.B. Barnard & Co. coordinated the transaction.

_ Sandra Baker

 

 

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