(To read more on the multifamily market, click here.)

FORT WORTH-In yet another bold move, Hillwood is launching amultifamily division to build the first rental product in its17,000-acre AllianceTexas. The powerhouse play begins with anestimated $125-million project of nearly 1,000 apartments in alive-work design with up to 50,000 sf of office and 40,000 sf ofretail space.

Hillwood, holding a tight rein on its terrain, weighed theprospects of selling tracts to multifamily developers, jointventuring or using its existing team's skill sets and industryconsultants to build its own product. "We basically came to theconclusion we needed to do this the same way that we've doneeverything else at Alliance with regard to the control and thequality," Mike Berry, president of the locally based HillwoodProperties, tells GlobeSt.com. "It is also an opportunity to growour business with a new income stream."