Legacy Partners and Pondmoon Capital Holdings USA have completed Merit, the first building at its new mixed-use community in the Dallas-Fort Worth metro.
JHP Architecture designed the building, while Provident General Contractors were tasked with constructing the community. The second building will be delivered in phases and is expected online in the first quarter of 2024, Brian McNally, vice president of development and acquisitions at Legacy, told Multi-Housing News.
The 296-unit community offers one-, two- and three-bedroom units ranging from 630 to 1,500 square feet. The units were built with smart home technology, work-from-home spaces and private balconies or patios. The community’s amenities include a coworking space, pool and fitness center, as well as a dog spa, gaming courtyard, outdoor grilling station, private conference rooms and electric vehicle charging stations.
Located at 1000 Grandy’s Lane in Lewisville, Texas, Merit is 15 miles away from Las Colinas and Upper Tollway, which have both become two of the largest office submarkets in the Dallas-Fort Worth metro. With nearby access to Interstate 35E, residents will be less than 20 minutes away from several major employment centers, Matt Brendel, senior managing director at Legacy, said in prepared remarks.
The developers started preleasing for the building prior to its opening but were limited due to the ongoing construction activity, said McNally. Now that the first building of Merit is open, leasing efforts are drawing in many potential residents.
Adding to DFW
Patrick Chen, CEO of Pondmoon Capital, said in prepared remarks that Merit represents the firm’s fifth investment in the region. Overall, Pondmoon Capital focuses on investing in rental apartment communities in major U.S. metros, including Dalla. Chen noted that Lewisville has seen a dramatic increase in jobs and housing demand.
Legacy previously completed 880 LYN in the Las Colinas neighborhood of Dallas and is currently developing Ovation at Galatyn Park in Richardson, Texas, which is due to open in several months. Earlier this year, Legacy also broke ground on the 336-unit Legacy Gateway project in Forney, Texas, which will see its first tenants in 2024.
