Legacy, Resmark Cos. Break Ground on Dallas-Area Community
Part of a master-planned community in Forney, Texas, the project is expected to be online in 2025.
Joint venture partners Legacy Partners and The Resmark Cos. have broken ground on Legacy Gateway, a 336-unit multifamily community. The project is located within the Gateway a master-planned community, a 2,000-acre mixed-use development in Forney, Texas, near Dallas. Initial occupancy will begin in summer 2024, with completion of the 14-acre site slated for spring 2025.
Legacy and Resmark closed on the undeveloped land with a construction loan from InterBank. Vanguard Real Estate Advisors acted as the broker for the transaction. Details on the loan were not disclosed. JHP Architecture is the architect and 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 project will offer 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, an outdoor kitchen and lounge, a gaming courtyard with lawn games and pickleball, a club room with a lounge and kitchen, an internet café, private coworking offices, an indoor and outdoor fitness studio and large and small dog parks. The property will also have reserved garages and carports.
The larger Gateway project, which includes luxury multifamily communities, as well as retail, office and entertainment venues, is located on the north side of U.S. Route 80. The community is linked to other commercial and office areas by the new $23 million Gateway Bridge.
Legacy Gateway is the largest community that Legacy Partners, a privately-held real estate firm, is developing in Texas. The firm 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, as well as Camber Ranch in Austin, Texas, Ovation at Galatyn Park in Richardson, Texas, and Merit in Lewisville, Texas. The three Texas projects are all under construction.
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 site was formerly a Macy’s.
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.