"I expect to add a new dimension to the Dallas and Texas markets with the Legacy foundation," Spencer Stuart Jr., the firm's newest senior vice president and partner, tells GlobeSt.com. He and Legacy have been negotiating the deal since late spring after he exited the top job in Dallas for the Netherlands-based Palladium Group's USA division. "Legacy has a number of the same awards that I won when I was at Palladium," he says.
Stuart says he's looking at several suburban and urban areas for the first ground-up project in Texas by the 35-year-old West Coast company. He says the goal is to build "two or three" developments per year, beginning with rental product and later segueing into condos. Dallas/Fort Worth and Austin are at the top of Stuart's "to do" list.
The office has just opened at 13455 Noel Rd. in North Dallas' Galleria. Stuart's plan is to hire from the local market as projects take root.
The Texas product will be bundled with 140 to 400 units with development costs upward of $20 million. And like all Legacy Partners Residential product, it will be class A. Stuart says some projects will include a retail component. Likewise, he's not opposed to a building conversion to go along with the plan for new space. It could even be, he says, "a combination of the two" to create a lifestyle development with a "forward-thinking design."
"We are very pleased to have an industry professional of Spencer Stuart's caliber join the Legacy Partners Residential team and to head our new office in Dallas," Dean Henry, Legacy's president, says in a release. "With Spencer's expertise and hands-on knowledge of the local and statewide multifamily sector, Legacy Partners sees an opportunity to develop profitable multifamily communities in selected Texas markets where increased economic and job growth will cement a foundation for success." In addition to its California foothold, Legacy Partners Residential has established markets in Arizona, Colorado and Washington.
Under the Palladium banner, Stuart developed garden, mid- and high-rise multifamily projects valued at $170 million and bought $16 million of existing product in Dallas/Fort Worth. His accolades include two Pillar of the Industry awards from the National Association of Home Builders and a McSam Award for best luxury multifamily project.
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