SWBC Real Estate has purchased 18.5 acres 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 acreage is on the north side of State Highway 170.
The community will include 318 rental units in 15 garden-style apartment buildings, with an average unit size will be 850 square feet. The mix will include 204 one-bedroom apartments, 99 two-bedrooms, and 15 three-bedroom units. The project is located within the Northwest Independent School District.
“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 of SWBC Real Estate, in a statement.
Blake Barnard with J.B. Barnard & Co. put the deal together. Construction on the apartments should begin by the end of the year, with pre-leasing available in early 2013.