Hillwood Properties sold more than 18 acres of its Alliance Town Center land to Dallas-based SWBC Real Estate for the construction of a 318-unit apartment complex, the developer announced today.
The project will nearly double the number of apartments at Alliance Town Center, which currently has some 550 multi-family units online and another 300 or so slated to open in the coming year, not counting this newest development, dubbed Overlook Ranch, that will begin pre-leasing early next year.
“Overlook Ranch fills a growing need for increased multi-family options within AllianceTexas,” Hillwood’s president, Mike Berry, said in the company’s announcement. “The project complements Hillwood’s efforts in the multi-family industry in north Fort Worth, and we are pleased to see the diversity of product coming to the area. Hillwood believes SWBC’s proposed development can serve another growing segment of the broader AllianceTexas submarket.”
One-bedroom units will comprise more than 60 percent of the 15-building complex, though the development will also include 99 two-bedroom and 15 three-bedroom apartments. The average apartment will have 850 square feet.
Plans also call for a state-of-the art on-site gym, car wash and detail center, and a fully accoutered movie theater. Exterior designs call for what planners are calling “hill country charm” architecture of wood framing with brick/stone, stucco and siding on the outer façade.
The site is located just north side of State Highway 170 at the northeast corner of Old Denton Road.
Alliance Town Center is at the heart of Hillwood’s multi-family strategy for AllianceTexas, the 17,000-acre master-planned community that has seen a flurry of activity in recent weeks, particularly the 900-acre Alliance Town Center, where crews are working on several new additions. Dick’s Sporting goods recently purchased 50,000 square feet of retail space. Hillwood also recently announced the construction of about 200,000 square feet of Class A office space in the area.
Long-term plans call for 3,000 total apartments at Alliance Town Center, which falls within the Northwest Independent School District.