MG Acquires 361-Unit Richardson Apartment Community
MG Properties acquired Ovation at Galatyn Park, a 361-unit apartment community located at 2323 Plaza Blvd in Richardson, Texas. It opened in March of 2024.
The sellers, which included Legacy Partners and an institutional partner, were represented by Daniel Baker, Johnathan Makus, Kevin O’Boyle and Chandler Sims of CBRE. CBRE Capital Markets’ Andrew Behrens, Jesse Weber, and Stephen Baird led the financing for the transaction.
The units range from one to three bedrooms and are 632 to 1,432 square feet. Amenities include a pool, fitness center, mini-mart and game arcade room. Rents average out at $1,500 a month.
This marks MG Properties’ first investment in Texas, bringing its total portfolio to over 32,000 units across multiple states.
Since its inception, the company has developed or acquired more than 80,000 apartment homes at a cost of more than $8.5 billion. Legacy has regional offices in California, Colorado, Florida, North Carolina, Texas, and Washington, and has developed more than 68,000 apartment homes in Arizona, California, Colorado, Florida, Nevada, Oregon, Texas, and Washington.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout