February 16, 2024
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The multifamily leader, along with The Resmark Cos., will develop two single-family rental communities in the Dallas metroplex.
Legacy Partners, a leading owner, developer, and manager of multifamily housing, is entering the build-to-rent (BTR) sector. The firm is partnering with The Resmark Cos. to develop two single-family communities in the suburbs of North Dallas.
Construction is underway for Highland, which will include 133 homes in Melissa in Collin County, and Oak Grove, which will comprise 134 homes in Audrey in Denton County. Completion is anticipated in late 2025.
Matt Brendel, executive managing director at Legacy, says while the firm has historically developed multifamily properties, it decided to pivot to the single-family BTR space after recognizing the need to accommodate families who are seeking this lifestyle.
“We’re bullish on all rental housing—both traditional multifamily and BTR because single-family rental is helping fulfill a need for housing at a time when the cost of home ownership continues to be a challenge,” says Brendel. “We are providing another solution to help solve the housing shortage for those desiring the lifestyle of a single-family neighborhood with the tremendous advantage of enjoying the amenities and a level of service you would expect from a Legacy Partners community. In response to the high level of demand, we are continuing to actively evaluate opportunities in all Texas and Florida markets.”
The BTR communities will add to Legacy’s footprint in North Texas, where it has built more than 1,500 apartments since 2022 and over 2,000 total in the market. In 2023, Legacy delivered 880 LYN on Lake Carolyn in Las Colinas and Merit in Lewisville. This year, Ovation at Galatyn Park in Richardson and Rylan at Gateway in Forney are expected to open.
Highland, designed by UD Architects, will include one-, two-, and three-bedroom homes ranging between 780 and 1,500 square feet. One- and two-story homes will feature granite countertops, upgraded appliances, smart-home technology, and private fenced-in yards. Monthly rates are anticipated to start at $2,100.
Oak Grove, designed by Architecture Demarest, will include one-, two-, and three-bedroom homes between 770 and 1,625 square feet and will have features similar to the Highland community. Monthly rates are anticipated to start at $2,000.
Both communities, which will be constructed by Provident General Contractors, will feature best-in-class amenities, such as gaming rooms, co-working space, conference rooms, fitness centers, resort-style swimming pools with cabanas, outdoor kitchens with grilling stations, dog parks, and green space.
These two developments also further Legacy’s partnership with The Resmark Cos. Over the past decade, the two companies have partnered to develop several multifamily communities, including the soon-to-be completed Rylan at Gateway.
“Legacy is a valued partner with strong development expertise and a strong reputation of execution,” says Ziv Cohen, chief investment officer for The Resmark Cos. “We are proud to extend our partnership into the BTR sector and deliver a sough-after housing product to these vibrant communities.”
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