To help meet housing demand driven by a growing population, Hillwood Properties is expanding its multifamily division. The group will initially focus on developing more than 3,000 apartment units within Hillwood’s massive AllianceTexas project in North Fort Worth and surrounding communities.
Mark McHenry has been hired to lead the charge. He previously oversaw Southwest regional operations for Atlanta-based multifamily developer Lane Co. Prior to that he worked for both JPI and United Dominion Realty Trust.
Zoning at AllianceTexas allows for more than 5,000 multifamily units. Hillwood says the majority of the planned apartments will be located within the 900-acre Alliance Town Center, which is situated along Interstate 35-W from North Tarrant Parkway to Golden Triangle Boulevard. The center already is home to 850,000 square feet of retail space, along with a Texas Health Resources hospital that’s slated to open this year.
Hillwood’s first multifamily project at AllianceTexas, Monterra Village, opened in 2008. The smoke-free development is 95 percent occupied. The company also has delivered more than 8,000 single family homes through its Hillwood Communities division.
To help round out McHenry’s team, Hillwood hired Stephanie Isham as property manager for Monterra Village. She previously served in senior property manager roles with Lincoln Property Co. and Riverstone Residential Group. Additionally, Christine Adeeb and Amy Perez, who have served as leasing consultants at Monterra Village, have been hired as full-time Hillwood associates.
As things progress, the company says it also will consider similar ventures in other U.S. markets.
Here are press statements on the multifamily initiative from Hillwood execs:
Ross Perot Jr., chairman of Hillwood Development Co.: “We are committed to the multifamily product sector as a key component of our business strategy going forward. The multifamily strategy complements our other core business lines at AllianceTexas. In addition, the ability to deliver quality multifamily housing as a residential option serves to enhance the appeal of the region for corporate employers, and retail and service companies evaluating the location or expansion of their business operations in the AllianceTexas region.”
Mike Berry, president, Hillwood Properties: “The AllianceTexas region has a significant and growing employment base, a rapidly increasing population and a wide range of existing and expanding services in and around Alliance Town Center. This is why Hillwood has chosen AllianceTexas to expand its long-term multifamily investment strategy and create a diverse, branded portfolio of multifamily product in a unique, master-planned environment serving the AllianceTexas region.”
Mark McHenry: “Hillwood has a concentration of multifamily entitlements in the heart of a premier master-planned development that will continue to grow as the economy recovers. The development of quality multifamily housing at an appropriate pace of delivery is a natural extension of the AllianceTexas business strategy and enables us to develop a portfolio of over 3,000 units in the next 10-year cycle. We hope to replicate this strategy, expanding our portfolio with high-quality, Hillwood-branded multifamily developments in select target markets.”