Two new build-to-rent communities are headed for North Texas.
Legacy Partners and The Resmark Cos. broke ground on Oak Grove, a 134-unit project in Aubrey, and Highland, a 133-unit project in Melissa. Provident General Contractors is building both communities.
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“While we historically have developed multifamily properties, we made the decision to pivot to single-family homes after analyzing the surrounding communities and recognizing the need to accommodate families who desire this lifestyle,” Legacy Executive Managing Director Matt Brendel said in a statement.
UD Architects is designing Highland, and Architecture Demarest is designing Oak Grove. Construction on both communities is slated to be complete in late 2025.
PEOPLE
Brian Bacharach was appointed executive vice president at Lincoln Property Co. In this role, Bacharach will lead the firm’s pursuit of healthcare real estate investments and development within the company’s corporate advisory and solutions group. He previously worked with LPC’s healthcare advisory group and returns to the firm after seven years at JLL.
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Campbell Puckett joined Cushman & Wakefield as executive director. He specializes in representing tenants’ interests in office leasing, transaction management, strategic planning and consulting, and acquisitions and dispositions. Puckett joins the firm from CBRE.
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Texas-based Pfluger Architects added Brenda Swirczynski as an educational facilities planner in its Dallas office. The firm oversees educational facility planning, design and construction. Swirczynski will leverage her past experience as an educator and curriculum coordinator to advise several of the firm’s project teams.
SALES
Coppell-based New Dimension Investments II acquired the 27.5-acre Iron Horse Ranch at 265 Iron Horse Court in Rhome. The seller, Black Friesian Stays and Horse Ranch, was represented by Younger Partners Executive Vice President Ben McCutchin. The buyer owns the adjacent property and plans to turn the land into an industrial park.
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Sterling Investors purchased two industrial logistics centers, the 411K SF Northwest Logistics Center in Houston and CentrePort 2, a 430K SF building near Dallas Fort Worth International Airport. JLL Capital Markets represented the seller and procured the buyer. The JLL team was led by Industrial Group Co-Head and Senior Managing Director Trent Agnew, Senior Directors Charlie Strauss and Parker McCormack, Directors Tom Weber, Lance Young and Pauli Kerr, Associate Matthew Barge and analyst Brooke Petzold.
CONSTRUCTION AND DEVELOPMENT
Three buildings comprising 30 independent-living units will be added to The Legacy Willow Bend, a nonprofit senior living community in Plano. Architecture and design will be led by HKS. Construction is scheduled to begin in the first quarter of 2025.
FINANCING
Greystone provided $15.4M in bridge-to-agency financing for a five-property multifamily portfolio in Texas, including three properties in Sherman and two in Denison. Intended to facilitate the refinancing and complete renovation of the properties, the bridge loan was originated by Greystone Managing Director Lance Wright on behalf of a Texas-based family office, with Duke Stone of Churchill Capital Co. acting as the correspondent.
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