Weidner closed on the property known as Monterra Village on Dec. 18 from Hillwood Multifamily for an undisclosed price.
FORT WORTH, Texas — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Hillwood Multifamily, a subsidiary of Dallas-based Hillwood, sold a 550-unit apartment property in Alliance Town Center in far north Fort Worth to Washington-based Weidner Apartment Homes.
Weidner closed on the property known as Monterra Village on Dec. 18 from Hillwood Multifamily for an undisclosed price. Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware, Cameron Purse and William Hubbard at Institutional Property Advisors represented Hillwood Multifamily and procured the buyer.
“Monterra Village gives the buyer [Weidner] an opportunity to implement a first-generation value-add program by upgrading the vast majority of the apartment interiors,” Drew Kile, Institutional Property Advisors’ executive managing director, said in a statement.
Monterra Village stretches across roughly 35 acres and has 541,854 square feet of rentable space. The apartment complex features one-, two- and three-bedroom apartments and townhomes averaging 985 square feet and was built across two phases. Hillwood Multifamily broke ground on the second phase of the project in 2012.
Monterra Village is located in the 900-acre Alliance Town Center development, which has more than 1 million square feet of retail, restaurant and office space. Alliance Town Center also has two hospital campuses and the Federal Aviation Administration‘s Southwest Regional Office. Monterra Village is also about 1.7 miles from an H-E-B grocery store. The area is surrounded by the 27,000-acre AllianceTexas master-planned development.
Last August, Hillwood registered plans for what could total 634 apartment units between two projects in Alliance Town Center.
With the acquisition, Weidner now has more than 6,100 apartment units in its portfolio. Weidner owns properties across 11 states in the U.S., including Texas, Oklahoma and Arizona.