Selected Past Projects
| Memorial 121 - The Colony, TX | |
| Investment Profile | |
| Property Name | Memorial-121 |
| Location | Highway 121 & Paige Road, The Colony, Texas |
| Size | 33.36 Acres |
| Acquisition Date | November 2011 |
| Sale Date | November 2012 - October 2014 |
| Equity Invested | $1,700,000 |
| Leverage | 50% |
| Project IRR | 69% |
| Equity Multiple | 3.54x |
| Summary Description | Legacy Capital identified the site, which was being sold through a bankruptcy bid process. Prior to the bid date, they learned a competitor (Standridge Co.) was also pursuing the property. Legacy and Standridge decided to form a venture and bid on the property at a price of $2.31 psf. The land had not been marketable due to construction of the 121-Tollway directly in front of the property, and by the time the road was finished, the owner had gone into bankruptcy. The bankruptcy case took time to process, creating pent-up demand for land on the newly-completed tollway. Once the market became aware that the land was available and the owner was a professional real estate investor, users stepped up quickly to purchase the tracts they needed. |
| Vista Crossroads - Fort Worth, TX | |
| Investment Profile | |
| Property Name | Vista Crossroads |
| Location | Highway 287 and Avondale-Haslet Road, Fort Worth, Texas |
| Size | 189 Acres |
| Acquisition Date | October 2004 |
| Sale Date | August/October 2007 |
| Equity Invested | $3,000,000 initially, peak equity $4,700,000 |
| Leverage | 57% |
| Project IRR | 40.8% |
| Equity Multiple | 2.7x |
| Summary Description | Legacy purchased this site in 2004. The property had ideal spacing from existing retail (approximately 6 miles south of the site), control of all developable corners, and strong interest from Wal-Mart. Legacy worked with the City of Fort Worth to bring sewer and water to the site. Legacy also actively worked with TXDOT to help fund and re-design the off-ramp which positioned the site for retail development. Wal-Mart’s imminent purchase and availability of utilities spurred interest from a developer that purchased 166 acres in August 2007. Wal-Mart closed on its 23-acre parcel two months later. |