FORT WORTH, Texas (July 11, 2012) – Hillwood Properties, one of the leading real estate investors and developers in the U.S., announced today that it has sold 18.5 acres to SWBC Real Estate, LLC to develop Overlook Ranch, a 318-unit, Class A apartment community within AllianceTexas, Hillwood’s 17,000-acre, master-planned community in North Texas. The site is located on the north side of Texas Highway 170 at the northeast corner of Old Denton Road in Fort Worth, Tarrant County.
Overlook Ranch will include 318 rental units in 15 garden-style apartment buildings constructed of wood framing with brick/stone, stucco and Hardi-plank exteriors. The average unit size will be 850 square feet, and the unit mix will include 204 (64%) one-bedrooms, 99 (31%) two-bedrooms and 15 (5%) three-bedrooms. The project will feature Hill Country Charm architecture and a comprehensive amenity package, including a movie theatre with surround sound, car wash/detail center, clubhouse with resort-style pool and spa, and state-of-the art fitness center. The apartments are located within the Northwest Independent School District.
Hillwood’s internal multifamily business strategy at AllianceTexas is concentrated in its 900-acre Alliance Town Center development, where the company has long term plans for upwards of 3,000 multifamily units. Hillwood currently has 550 multifamily units at Alliance Town Center, completed or under construction, with an additional 306 units planned to break ground in the second half of 2012.
“Overlook Ranch fills a growing need for increased multi-family options within AllianceTexas,” said Mike Berry, president of Hillwood Properties. “The project complements Hillwood’s efforts in the multi-family industry in north Fort Worth, and we are pleased to see the diversity of product coming to the area. Hillwood believes SWBC’s proposed development can serve another growing segment of the broader AllianceTexas submarket.”
“With a major increase in the area’s population during the past decade, and an emerging market for multifamily options coming online, we anticipate the Overlook Ranch apartment community will be a strong success,” said Terry Gwin, president with SWBC Real Estate. “The Overlook Ranch site is situated near a growing employment base of the world’s leading companies and provides strategic access to both State Highway 170 and Interstate 35W.”
Blake Barnard with J.B. Barnard & Co. coordinated the transaction. Construction on the apartments is anticipated to begin by the end of the year with pre-leasing available in early 2013.
AllianceTexas (www.alliancetexas.com) is a 17,000-acre, master-planned community anchored by the world’s first industrial airport. It includes the Alliance Global Logistics Hub, Circle T Ranch, Heritage, Alliance Town Center, Saratoga and Monterra Village projects. AllianceTexas is now home to 290 companies, which have built nearly 32 million square feet and created more than 30,000 jobs. The community also now includes more than 7,700 single-family homes and 288 luxury apartment homes. Since its inception, AllianceTexas has generated $40.65 billion in economic impact for the North Texas region.
Hillwood, a Perot company, is ranked as one of the top commercial real estate investors and developers in the country and as the top residential developer in Dallas-Fort Worth. Hillwood is best known for its Alliance brand that includes the 17,000-acre AllianceTexas, 4,474-acre AllianceFlorida at Cecil Commerce Center and 2,000-acre AllianceCalifornia developments. For additional information about the company, please visit www.hillwood.com.
ABOUT SWBC REAL ESTATE, LLC
SWBC Real Estate, LLC (www.swbcrealestate.com) is owned by SWBC Enterprises, Ltd. SWBC Real Estate is managed by an experienced team of real estate development professionals located in Dallas, Texas, with a primary focus in multi-family real estate development. SWBC Enterprises, Ltd. is owned by Charlie Amato and Gary Dudley, co-founders of SWBC, a diversified financial services company headquartered in San Antonio. SWBC has been in business for more than 36 years and specializes in residential mortgage lending, insurance sales, and investment advisory services.