Developers have secured financing for a new retail and apartment project in Lewisville.
California-based builder Legacy Partners is building the 296-unit Merit mixed-use project on Interstate 35E. The community is expected to open in mid-2023.
“The community location really can’t be topped,” Legacy Senior Managing Director Matt Brendel said in a statement. “Future residents will be less than 20 minutes from major employment hubs including Las Colinas, Frisco and Plano.
“Merit is also close to historic Old Town Lewisville and the shops of Highland Village, which offers plenty of shopping, entertainment, and dining.”
The Lewisville rental community will include apartments ranging from 630 to 1,500 square feet, as well as a coworking space with conference rooms, a resort-style pool, fitness center, dog spa and courtyard play area with a fire pit and outdoor grill. station.
Dallas-based JHP Architecture is Merit’s designer. The project is being built by Provident General Contractors.
Berkadia Real Estate Advisors arranged over $20 million in equity investment for the Lewisville project with Pondmoon Capital Holdings USA.
“Merit is our fifth project in this region,” said Patrick Chen, CEO of Pondmoon Capital, which operates from offices in New York and Beijing, Shanghai and Hong Kong.
“We are especially excited to partner with Legacy Partners on this exciting opportunity that will bring an elevated living experience to an area that has seen a dramatic increase in jobs and demand for apartment living.
“Rapid job growth and sustained demand for rental properties are key drivers for our focus on Sun Belt markets such as Texas and Southern California,” he said. “We are confident that Merit will be another example of a high quality residential community to meet market demand as well as another success for our investors.”
Pondmoon Capital raises real estate investment funds from institutional and individual investors in Asia.
Berkadia’s Chinmay Bhatt, Cody Kirkpatrick and Noam Franklin arranged the development joint venture with Legacy Partners and Pondmoon Capital.
“In today’s challenging cost environment, the finance partner and our client worked collaboratively to complete the transaction,” Bhatt said. “It’s this kind of collaborative approach that will help these two groups execute more projects together in the future.
The Lewisville project is the latest local development for Legacy Partners. The builder is completing Galatyn Park Station, a transit-oriented 361-unit apartment community on US Highway 75 in Richardson.
Dallas-Fort Worth leads the nation in apartment construction with over 40,000 units on the way. Existing D-FW apartments have less than 3% vacancy.