The Hills of Lakeway is technically The Village of The Hills, but most people refer to the neighborhood simply as The Hills.  The Hills is a gated community that is surrounded by Lakeway, but it is not actually part of Lakeway.  The Hills is served by the excellent Lake Travis ISD schools. 

The Hills has an excellent Jack Nicklaus golf course that might have the most picturesque hole (the waterfall hole) in Texas.  The Hills Country Club has been host to the nationally televised FedEx Kinko's Classic for four years. 

The quality of homes in The Hills is very nice thanks to tight deed restrictions. The combination of very nice homes and a fantastic golf course give The Hills a resort type of feeling.  The Hills is about 40 minutes from downtown Austin.