The new phase will include 262 one-, two-, and three-bedroom apartments. Pre-leasing is expected to begin in the second quarter with apartments ready in September.
“Now is the ideal time to bring additional multifamily units to this market,” said Mike Berry, Hillwood’s president.
Monterra Village, a 130-acre luxury apartment community near Alliance Town Center off Interstate 35W and North Tarrant Parkway, was built in 2008. It is 95 percent occupied, Hillwood said.
Hillwood recently announced plans to build as many as 3,000 apartments at Alliance during the next decade.
Monterra Village is zoned for an additional 476 units, which may be developed in future phases of the project.