Developer Hillwood is expanding its operations with plans to build more than 3,000 apartments during the next decade.
The rental units will be constructed in Hillwood's flagship AllianceTexas community in North Fort Worth.
Hillwood said Tuesday that it has hired veteran apartment industry executive Mark McHenry to head up its multifamily development division. McHenry has previously worked with apartment developers Lane Co., JPI and United Dominion Realty Trust.
Hillwood said most of its new apartments will be located in the 900-acre Alliance Town Center project on Interstate 35W
The developer said it wants to open a new apartment development every 12 to 18 months.
Hillwood chairman Ross Perot Jr. said the development of apartments will add to the 17,000-acre AllianceTexas' appeal. The project is already one of the state's largest commercial and residential developments.
“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,” Perot said in a statement. “We are committed to the multifamily product sector as a key component of our business strategy going forward.”
Hillwood has already built the Monterra Village apartments at AllianceTexas. The 288-unit development opened in 2008 and is 95 percent occupied.
Hillwood has been working on plans for a 262-unit rental home project adjacent to Monterra Village.
Hillwood said it also might expand its apartment development program to other markets in North Texas and elsewhere.
“We hope to replicate this strategy, expanding our portfolio with high-quality, Hillwood-branded multifamily developments in select target markets,” McHenry said.