FOR IMMEDIATE RELEASE
FORT WORTH, Texas (February 8, 2012) – Hillwood Multifamily, a subsidiary of Hillwood Properties that focuses on multifamily development and investment opportunities, has begun construction on Phase II of Monterra Village. Monterra Village is a 130-acre mixed-use community located within Hillwood’s 900-acre Alliance Town Center development.
The new phase of Monterra Village will include 262 one, two and three-bedroom apartment homes with floorplans and amenities that are complementary to the existing townhome-style apartments in the initial phase of the development. Pre-leasing is expected to begin during the second quarter of 2012, and the apartments are anticipated to be ready for occupancy in September 2012.
“Now is the ideal time to bring additional multifamily units to this market,” said Mike Berry, president of Hillwood Properties. “Rapid growth in north Fort Worth, demand for greater housing diversity, and lifestyle and demographic shifts are driving demand for high-quality multifamily developments within the AllianceTexas submarket. Forecasts indicate this demand will remain strong for some time to come, since there is a limited supply of multifamily product to meet the population explosion in the region.”
Monterra Village is the first multifamily project that was completed within AllianceTexas, Hillwood’s 17,000-acre master-planned community. The luxury townhome and apartment home community was the first 100 percent smoke-free property in the Dallas / Fort Worth Metroplex. The high-performing project opened in 2008 with 288 units and has maintained 95 percent occupancy during the past year.
Monterra Village is already known for its upscale amenities, including a lagoon-style resort pool, fire pit, state-of-the art fitness center with stand-up tanning bed, pet park, business center and social room with gaming center. Phase II will include a second pool with lap lanes, additional fitness center, new pet wash and an additional pet park.
Hillwood secured construction financing for Phase II of Monterra Village from Texas Capital Bank. In addition, Hillwood closed on refinancing for Phase I of the project with Prudential Mortgage Capital. The refinancing agreement is part of Hillwood’s long-term strategy to concentrate on delivering more high-quality multifamily units.
“We are excited about these two new lender relationships and the opportunities they provide for us to implement our multifamily growth strategy,” said Mark McHenry, vice president of Hillwood Multifamily. “Hillwood’s ability to establish long-term relationships with reputable lenders, such as Texas Capital Bank and Prudential Mortgage Capital, for interim and permanent financing is a key element to the success of our overall multifamily investment.”
Monterra Village is zoned for an additional 476 units, which may be developed in future phases of the project. The property is also zoned for retail and commercial uses.
This is a confirmation of Hillwood’s multifamily growth strategy within the Alliance corridor, which involves the construction of over 3,000 multifamily units over the next 10 years with the potential to eventually build more than 5,000 multifamily units. In total, Hillwood controls over 50 percent of the multifamily entitlements in the competitive submarket. The pace of new development activity, as well as specific product types and amenities, will be market-driven and designed to appeal to a wide audience. Based on the rate of growth in the region and limited availability of competitive sites, the company anticipates the potential to deliver a new phase of multifamily development every 12-to-18 months.
For more information about leasing at Monterra Village, visit http://www.monterrabyhillwood.com/, or visit the leasing office at 8301 Monterra Blvd., Fort Worth, Texas 76177.
AllianceTexas (http://www.alliancetexas.com/) is a 17,000-acre, master-planned community anchored by the world’s first industrial airport. It includes the Alliance Global Logistics Hub, Circle T Ranch, Heritage, Alliance Town Center, Saratoga and Monterra Village projects. AllianceTexas is now home to 265 companies, which have built nearly 32 million square feet and created more than 30,000 jobs. The community also now includes more than 7,600 single-family homes and 288 luxury apartment homes. Since its inception, AllianceTexas has generated a $40.65 billion economic impact for the North Texas region.
Hillwood, a Perot company, is ranked as one of the top commercial real estate investors and developers in the country and as the top residential developer in Dallas-Fort Worth. The company’s developments currently house facilities for 58 companies listed on the Fortune 500, Global 500 or Forbes List of Top Private firms. Hillwood is best known for its Alliance brand that includes the 17,000-acre AllianceTexas, 4,474-acre AllianceFlorida at Cecil Commerce Center and 2,000-acre AllianceCalifornia developments. For additional information about the company, please visit http://www.hillwood.com/.
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