Legacy, Resmark JV Starts Dallas Development

Joint venture partners Legacy Partners and The Resmark Cos. have broken ground on Legacy Gateway, a 336-unit multifamily community located near Dallas. The community is a part of the Gateway project, a 2,000-acre master-planned, mixed-use development in Forney, Texas.

Initial occupancy will begin in summer 2024 with completion at the 14-acre site slated for spring 2025.

Legacy and Resmark purchased the undeveloped land with a construction loan from InterBank. Vanguard Real Estate Advisors served as the broker for the transaction. Details of the financing could not immediately be learned. JHP Architecture is the architect on the project, while BBL Building Co. is the general contractor.

Located at 1205 Gateway Blvd., the 282,736-square-foot community will consist of five three-story buildings. The development will have a mix of studio, one- and two-bedroom units ranging from 540 to 1,360 square feet with an average size of 841 square feet. The apartments will have smart home technology with high-speed internet in all units. Other features include stainless steel appliances, wood-style flooring, full-size washers and dryers, kitchen islands and walk-in closets. Select units will have balconies and private yards.

Community amenities will include a resort-style pool with tanning ledges and cabanas, outdoor kitchen and lounge, gaming courtyard with lawn games and pickleball, club room with a lounge and kitchen, internet café, private coworking offices, an indoor/outdoor fitness studio and large and small dog parks.  The property will also have reserved garages and carports.

The multifamily development is being built within Gateway, a master-planned property including luxury multifamily communities as well as retail, office and entertainment venues, on the north side of U.S. 80. The community is linked to other commercial and office areas by the new $23 million Gateway Bridge.

Other properties

Legacy Gateway is the largest community Legacy, a privately held real estate firm, is developing in Texas. Legacy has added nearly 1,800 homes to the market in the past decade. Other Legacy properties include the recently completed 880 LYN in the Las Colinas market in Irving, Texas, and three properties under construction: Camber Ranch in Austin, Texas; Ovation at Galatyn Park in Richardson, Texas; and Merit in Lewisville, Texas.

Earlier this year, Legacy and joint venture partner Griffin Capital Co. broke ground on Legacy Daytona, a 350-unit community in Daytona Beach, Fla. The 10.2-acre parcel was a former Macy’s parcel at Volusia Mall.

Resmark, a residential real estate investment manager, has participated in more than 275 investments including multifamily properties. Last month, Resmark and builder Eastwood Homes announced they are developing a 220-unit single-family rental community in the Atlanta suburb of Cartersville, Ga.