Hillwood Properties said Wednesday that it’s sold land in its AllianceTexas project for a new apartment community.
Hillwood sold 18.5 acres at State Highway 170 and Old Denton Road to SWBC Real Estate LLC.
The developer plans to build a 318-unit apartment project called Overlook Ranch.
The design of the new apartments being built in North Fort Worth is described as “Hill Country charm architecture.”
“Overlook Ranch fills a growing need for increased multifamily options within AllianceTexas,” Mike Berry, president of Hillwood Properties, said in a statement. “The project complements Hillwood’s efforts in the multifamily industry in North Fort Worth.”
Hillwood has previously said that it plans to build several thousand apartments in its 17,000-acre AllianceTexas project over the coming years.
Most of those will be located in the Alliance Town Center along Interstate 35W. Earlier this week, Hillwood also announced that it would build two speculative office projects in that area.
SWBC Real Estate is a Dallas company that is an affiliate of San Antonio-based financial firm SWBC Enterprises Ltd.
Construction is set to begin on the development before the end of the year.
“The Overlook Ranch site is situated near a growing employment base of the world’s leading companies,” Terry Gwin, president of SWBC Real Estate, said in a statement.
Blake Barnard with J.B. Barnard & Co. brokered the land sale.