Legacy, Bridge Investment Debut Dallas Community
March 7, 2024 byVicentiu Fusea forMulti-Housing News
Construction financing for this project included a $51 million loan.
A joint venture between Legacy Partners and Bridge Investment Group has opened Ovation at Galatyn Park, a 361-unit community in Richardson, Texas, a Dallas suburb. The partnership also brought online Camber Ranch, a 483-unit community in Austin, Texas, last month.
The developer broke ground on the five- and six-story project in June 2021, financing its construction with a $51 million loan from First United Bank and Trust Co., Yardi Matrix information shows. Design firm WDG and general contractor Provident GC were also part of the development team.
The community has one-, two- and three-bedroom floorplans, along with multiple, plaza-level live-work units, ranging from 570 to 1,700 square feet. Apartments feature granite and quartz countertops, upgraded appliances and smart home technology; select layouts also include private balconies or patios.
Amenities comprise a swimming pool with tanning ledge and cabanas, fitness center with spin room, clubroom with billiards, coworking lounge, arcade, podcast studio and outdoor game room. Additionally, the community has a dog park, bike storage, sky lounge and a tennis/pickleball court.
Situated on 3.6 acres at 2323 Plaza Blvd., Ovation at Galatyn Park is 1 mile from a host of dining and retail options, including the Richardson Plaza shopping center. Downtown Dallas is some 17 miles southwest, while Dallas-Fort Worth International Airport is within 25 miles.
Legacy’s North Texas multifamily expansion
Legacy Partners currently has more than 1,500 apartments built in North Texas since 2022, said Executive Managing Director Matt Brendel in prepared remarks.
In October, the company opened the first building at its new mixed-use community in the Dallas-Fort Worth metro, in partnership with Pondmoon Capital Holdings USA. The 296-unit property is in Lewisville.
A few months earlier, Legacy and The Resmark Cos. broke ground on Legacy Gateway, a 336-unit project in Forney. The development is part of the 2,000-acre Gateway master plan and is slated for completion next spring.