Texas

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.

IRVING — HFF has arranged $47.75 million in refinancing for The Shores at Las Colinas, a 908-unit, Class A multifamily property located at 385 E. Las Colinas Blvd. in Irving. The multifamily community is currently 88 percent leased and offers frontage on Lake Carolyn, European-style courtyards, five swimming pools, parking garages, a fitness center and club room. Steve Heldenfels, Bob Herron and Mona Carlton of HFF arranged the three-year loan through Capital One on behalf of the borrower, Boston-based Metropolitan Properties of America.

AUSTIN — Trammell Crow Co., through its subsidiary High Street Residential and in partnership with USAA Real Estate Co., has commenced construction on Phase II of Midtown Commons, a Class A multifamily community located at the intersection of Lamar and Airport boulevards in Austin. The 246-unit Phase II will feature a 189,419-square-foot, four-story building and a 98,156-square-foot, five-story parking structure. Phase II will also include a resort-style pool, lounge area, bar, yoga room, business center, fitness center, game room and a dog park. Amegy Bank of Texas provided construction financing for the property, which is slated to deliver its first units in early 2013.

CARROLLTON — The Praedium Group and San Antonio-based Internacional Realty have acquired The Residences at the Collection, a 312-unit multifamily property located in Carrollton. The community features a resort-style pool with a sundeck, a spa, fitness center, business center, clubhouse, billiards room, game room and covered parking. The newly constructed complex was developed by Embrey Partners.

HOUSTON — ARA has arranged the sale of the 190-unit Bay House, located in Houston. Cliff McDaniel, Russell Jones and Zach Springer represented the seller, New York-based Whitney Capital Co., in the transaction. Houston-based Midas Equity was the buyer.

DALLAS — Marcus & Millichap has brokered the sale of the 150-unit Andora Apartments, located at 3302 Linda Drive in Dallas. John Barker of Marcus & Millichap's Dallas office represented the seller and buyer, both local limited liability companies, in the transaction.