In early October 2023, Legacy Partners, a San Francisco-based multifamily developer, owner, and operator, and Pondmoon Capital Holdings USA, a New York-based multifamily investment firm, announced the opening of Merit. Located off I-35 in Lewisville, Merit combines 296 multifamily units with on-site retail to create a convenient mixed-use community. Dallas' own JHP Architecture and Provident General Contractors helped make Merit a reality, with JHP designing the project and Provident executing their vision. Legacy and Pondmoon report the majority of the retail space has already been leased.
The multifamily units range from 1-3 beds and 630-1500 SF. Given its prime location, the developers set out to deliver a luxury product that will match the area's demand. Features and amenities include:
- Fiber internet
- Smart home technology
- Granite countertops
- Stainless steel appliances
- Private balconies and patios
- WFH spaces and private conference rooms
- Resort-style pool
- Fitness center
- EV chargers
- Dog spa
- Gaming courtyard with fire pit, ping pong table, and outdoor grilling station
Additionally, the multifamily and retail tenants (including a restaurant) share an outdoor patio overlooking a public dog park. Interestingly, covered parking is only available for rent and not included by default. Limited covered parking could cause many prospective residents to look elsewhere on account of North Texas' regular hailstorms.
Merit's location off I-35 leaves major employment centers such as Las Colinas, Plano, and Frisco within easy commuting distance. Matt Brendel, senior managing director at Legacy, spoke to the prime location:
Merit’s location really cannot be surpassed. Residents are less than 20 minutes from major employment centers, and only two miles from serene walks, bike rides, fishing, and other outdoor recreation at Lake Lewisville, the largest lake in North Texas. Merit is also within close proximity to historic Old Town Lewisville and the Shops at Highland Village, which offer numerous retail, entertainment, and dining options.
Merit brings Legacy's development portfolio within The Metroplex to a substantial 1300 units. Similarly, Merit is not Pondmoon's first DFW rodeo (get it?). Patrick Chen, CEO of Pondmoon Capital, spoke to their investment thesis:
Merit is our fifth project in this region. We’re thrilled to partner with Legacy Partners to bring an elevated living experience to Lewisville, an area that has seen a dramatic increase in jobs and demand for living space. Rapid job growth and sustainable demand for rental residences are the main drivers for our focus on Sun Belt markets such as Texas and Southern California. The entire development and construction team behind Merit work in sync to execute with commendable commitment and diligence. Pondmoon is proud of such outstanding partnership, which will without doubt flourish with success.
The rapid development of The Metroplex's northern suburbs seems to have no end in sight. As major employers set up shop outside of the Dallas CBD, the city's natural urban sprawl is greatly accelerated -- long gone are the days of cowboys tending their herds adjacent to jets blasting out of DFW. Those of us who appreciate seemingly anachronistic juxtapositions are left to cherish old photos or go to the Fort Worth Stockyards.