David Schoch, who handled the deal for Legacy Partners ResidentInc. of Foster City, tells GlobeSt.com that the firm is scouting"for other opportunities... mainly in the metroplex." The lure atthis time, in this economy, says Schoch, is that Dallas is faringfar better than many other metropolises. And that has Legacylooking to make a minimum of $150 million in buys of multifamilycomplexes carrying a minimum $10-million value, he says.

Legacy has acquired the 292-unit Bent Tree Court and 204-unitBent Tree Gardens through a partnership with Citigroup andDallas-based REOC Corp., whose REOC Property Services is nowoverseeing the properties. "This partnership will serve as aspringboard for future activity for Legacy Partners Residential inthe Dallas area," Schoch says in a prepared statement.

The class B minus complexes are situated at 4500 Sojourn Dr. and16651 Addison Rd., respectively. Bent Tree Court has fetched alittle more than $12 million and Bent Tree Gardens, $9 million,Schoch confides. The 24-acre complex is being renamed to Bent TreePark as its new owners initiate plans to upgrade the units and putin a new management company.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.