News Article | 5/24/2010

Hillwood sells property


Fort Worth-based Hillwood said recently that it has sold a portfolio of primarily residential properties in the Las Vegas market to a joint venture of Ridgewood Real Estate Partners and Angelo, Gordon & Co.


The sale included more than 1,800 residential lots and land that is zoned for 759 multifamily units, plus about 10 acres for commercial use.


Terms of the deal were not disclosed.


“The significant investment that already has been made in these parcels made this an extremely attractive portfolio,” Brian Carlock, senior vice president of Hillwood Residential, said in a statement.


“With the recent upswing in demand for developable residential property, Hillwood decided that this was an opportune time to market these properties.”


Hillwood said it has spent nearly $70 million in infrastructure work on the Nevada properties, which it bought as part of a portfolio in 2008.


Properties included Bilbray Ranch in Laughlin, Boulder Ranch in Las Vegas, Boulder Ranch Apartments in Las Vegas, the Canyons in Henderson and North Ranch in North Las Vegas.