Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ADDISON, TX-California-based Legacy Partners has forged its Texas inroad, with a $21-million buy of two Addison apartment complexes. The selling REIT’s identity is not being disclosed.

David Schoch, who handled the deal for Legacy Partners Resident Inc. of Foster City, tells GlobeSt.com that the firm is scouting “for other opportunities… mainly in the metroplex.” The lure at this time, in this economy, says Schoch, is that Dallas is faring far better than many other metropolises. And that has Legacy looking to make a minimum of $150 million in buys of multifamily complexes carrying a minimum $10-million value, he says.

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

The class B minus complexes are situated at 4500 Sojourn Dr. and 16651 Addison Rd., respectively. Bent Tree Court has fetched a little more than $12 million and Bent Tree Gardens, $9 million, Schoch confides. The 24-acre complex is being renamed to Bent Tree Park as its new owners initiate plans to upgrade the units and put in a new management company.

Richard Voelker, REOC’s chairman and CEO is handling the acquisitions for the new partnership and overseeing the management team. The complexes are 90% occupied, but Voelker says upgrades will be made and leasing will improve. Lease-up efforts are sure to benefit from Bent Tree Park’s positioning in the Platinum Corridor in the heart of the North Dallas market and in a vibrant upscale mixed-used neighborhood with a strong retail component.

Schoch says new kitchens, carpeting and other cosmetic improvements will be made as units roll over. Bent Tree Court is a 21-year-old complex and its sister project, 22 years old.

Legacy Partners has spent the past 30 years building up its portfolio, which is now valued in excess of $4 billion in commercial and multifamily properties. The firm maintains 10 offices in the western US.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.