Hillwood Sells 20 Acres to Atlanta Multifamily Developer

Apr 26, 2012

D Magazine RealPoints - April 26th, 2012 - by Christine Perez

Atlanta-based Davis Development has acquired 20 acres of land in North Fort Worth from Hillwood. The company plans to begin construction later this year on a 322-unit luxury multifamily development called The Sovereign.

The site is on North Tarrant Parkway between State Highway 377 and Ray White Boulevard, near Hillwood’s Heritage development. Gene Babb, who handles land acquisitions for Davis Development, said the company was attracted to its proximity to major thoroughfares, abundant retail, and Keller ISD schools.

The Sovereign will be the company’s fourth North Texas project.

The land deal was put together by Venture Commercial’s Ken Reimer and David Davidson Jr., who market Hillwood Communities’ retail properties throughout Dallas-Fort Worth.

"The availability of multifamily land in the Alliance Corridor is slim to none, and demand is extremely high," Davidson said in a statement. "The city of Fort Worth, Tom Woliver of Hillwood, and Gene Babb of Davis Development all played a critical role in making this development possible, by swapping a commercial-zoned tract to consolidate two multifamily tracts."

The Venture brokers are also marketing 23 acres of Hillwood land surrounding Davis Development’s new project.