Hillwood Multifamily Sells Alliance Apartment Complex

A 550-unit apartment complex has changed hands in a deal that positions the buyer with significant upside in fast-growing Fort Worth.

The multifamily arm of Hillwood, part of the Perot family of companies, sold Monterra Village to Kirkland, Washington-based firm Weidner Apartment Homes, the Dallas Business Journal reported.

The sale closed on Dec. 18 for an undisclosed amount, with Institutional Property Advisors’ Drew Kile, Joey Tumminello, Taylor Hill, Michael Ware, William Hubbard and Cameron Purse representing Hillwood Multifamily in the transaction.

The purchase adds to Weidner’s growing portfolio of over 6,100 total units nationwide.

Monterra Village, at 8301 Monterra Boulevard, features about 541,000 square feet of rentable space with one-, two-, and three-bedroom apartments and townhomes. Units range from 700 to 1,500 square feet, and rent for between $1,345 and $2,234.

The complex is within the Alliance Town Center, a 900-acre development with 1 million square feet of retail, restaurant and office space, as well as two hospital campuses and a growing number of residential communities.

Weidner’s strategy for the apartment complex is likely to include substantial interior upgrades to increase the property’s rental income, as it has done with other assets in its portfolio. Fort Worth’s population is surging, and the city is emerging as a hot market for multifamily investment. Recently, Equity Partnership Holdings and Moses Tucker Partners teamed to acquire the 276-unit Northpoint Villas in North Fort Worth. The duo purchased the property from Dallas-based SPI Advisory for $52.5 million, or $190,200 per unit.

— Andrew Terrell