In March 2024, Legacy Partners, the full-service real estate investment company who recently expanded into the SFR built-to-rent space, announced the opening of Ovation at Galatyn Park. Designed by the DFW-based architecture firm WDG and developed in partnership with Utah-based Bridge Investment Group (NYSE: BRDG), Ovation follows Legacy's tested formula of delivering a high-quality product to DFW suburbs. Located next to US-75 at 2323 Plaza Boulevard in Richardson, Ovation hopes to leverage easy DART and highway access as selling points for their units, which range from one- to three-bedrooms across areas of 570 to 1700 SF.
Legacy notes Ovation's prime location "in the heart of Richardson's Telecom Corridor", an area with convenient proximity to employers across Northern Dallas as well as an easy commute to The University of Texas at Dallas. Matt Brendel, executive managing director at Legacy, spoke to the strength of the location:
In the heart of North Dallas, with the best of DFW at your grasp, Ovation at Galatyn Park brings a fresh sense of sophistication to Richardson's tech corridor. It’s conveniently located near major employers and is transit-friendly with easy access to the DART Light Rail Galatyn Park Station, Central Expressway and President George Bush Turnpike.
Legacy has delivered more than 1500 apartment units in North Texas since 2022, giving them a wealth of experience to draw upon in their choice of location as well as design and underwriting of projects. Given its prime location, Ovation charges premium-level rent, with monthly rates starting at $1525 for their smallest units. Monthly rents on one-bedroom units in the 850-900 SF range easily exceed $2000, which matches the rent commanded by neighboring apartments. These rates are on par with Class-A units in Uptown Dallas, a testament to the strength of the Galatyn Park submarket. To justify these prices, Ovation offers high-end features in its units, including granite & quartz countertops, "upgraded" appliances (renderings indicate stainless steel), smart home technology, and, in most units, plenty of balcony space. Additionally, residents will enjoy a variety of community amenities:
- Resort-style pool with "tanning ledge" and cabanas
- Covered parking
- Fitness center with spin room
- Coworking lounge
- Clubroom with billiards
- Arcade
- Podcast studio
- Outdoor game room
- "Bark Park", allowing residents to take advantage of the complex's pet-friendly policies
- Bike storage & repair station
- "Sky Lounge", a community club area on an upper floor, offering bird's-eye views of the area
The rapidly growing North Dallas suburbs, especially in a submarket that draws such premium rents, have offered incredible returns for investors in the past few years. While it is far from a stretch to imagine further rent growth as The Metroplex attracts more businesses and residents, investors may find it prudent to temper expectations in their underwriting. Ubiquitous dump trucks hauling away soil as excavators dig subterranean parking for new developments are just one sign of strong supply continuing to arrive in the DFW housing market. It is likely not a question of if, but when rent growth in the area reverts to the mean.