HILLWOOD SELLS LAND FOR NEW MULTIFAMILY PROPERTY

FORT WORTH — Hillwood Properties has sold 18.5 acres of land to SWBC Real Estate within AllianceTexas, Hillwood's 17,000-acre master-planned community located in Fort Worth. SWBC has plans to develop Overlook Ranch, a 318-unit, Class A apartment community at the site, located within the community's Alliance Town Center development on the northeast corner of Old Denton Road and the Texas Highway 170. The apartment community will feature a movie theater with surround sound, car wash/detail center, club house, resort-style swimming pool and spa and a fitness center. Hillwood currently has 550 multifamily units at Alliance Town Center under construction or completed, plus an additional 306 units planned to break ground in the second half of 2012. Blake Barnard of J.B. Barnard & Co. coordinated the transaction. Overlook Ranch is slated for a late 2012 groundbreaking, with pre-leasing available in early 2013.