On June 08, 2022, Fund IV acquired Legends at Legacy (“Legends”) in the suburb of Plano, Texas. Legends is a 320-unit apartment community built in 2000. Legends rare two-and-three story low density layout of 15.5 units per acre, boast the largest rental units in Frisco, an ideal fit for families that desire to send their children to Frisco ISD. In addition, Legends offers townhome-style units, 51% of those with attached garage. The prior owner upgraded 26 units while all other units remain in classic condition.
Fund IV will renovate and reposition Legends to be competitively priced within its market comparable set. The classic units will be fully renovated and the previous renovated units will be enhanced to standardize the same living experience to all residents.
Common area enhancements will include upgrades to the fitness center, pool/pool deck area, and clubhouse. Fund IV will address certain deferred maintenance items including preventive roof maintenance, tree trimming and upgrades to landscaping.