Fogelman Properties Acquires 288-Unit The Ovilla at Legacy Square in Red Oak, Texas

RED OAK, Texas — Fogelman Properties has acquired The Ovilla at Legacy Square, a 288-unit garden-style multifamily community in Red Oak, Texas, in a transaction brokered by Institutional Property Advisors (IPA), a division of Marcus & Millichap. The sellers were Thompson Realty Capital and Trez Capital.

IPA senior managing director Michael Ware, along with Joey Tumminello, Drew Kile, and Taylor Hill, represented the sellers and procured the buyer. Will Balthrope serves as IPA executive director.

Property Overview: The Ovilla at Legacy Square

Located at 241 North Overlook Drive in Red Oak, Texas, The Ovilla at Legacy Square sits within the Legacy Square master-planned development in Ellis County, approximately 18 miles south of Downtown Dallas. The three-story, garden-style community was completed in 2023 and spans more than 18 acres.

The property offers one-, two-, and three-bedroom apartments ranging from approximately 600 to 1,377 square feet, with an average unit size of 901 square feet. In-unit finishes include granite countertops, stainless-steel appliances, and under-cabinet lighting. Select units feature direct-access garages and private yards. Community amenities include a resort-style swimming pool, clubhouse, outdoor gas grills, and a dog park.

The Ovilla at Legacy Square was approximately 95% occupied at the time of acquisition. Asking rents at the community range from roughly $1,404 to $2,310 per month depending on unit type.

Location and Market Context

Red Oak has seen its population grow by 31% since 2020. The city's average annual household income exceeds $119,500, and the median value of a single-family home surpasses $400,000.

"Just 18 miles south of Downtown Dallas, Red Oak is a northern Ellis County suburb that since 2020 has seen its population grow by 31%," Ware said. "Average annual household income in the city is over $119,500 and the median value of a single-family home is more than $400,000."

The property is positioned within walking distance of entertainment, hospitality, retail, and restaurant offerings in Legacy Square's commercial hub. Nearby employers include Qarbon Aerospace, Bombardier US Aerostructures, Google, DataBank, and Compass Datacenters. Dallas Fort Worth International Airport is accessible within a short drive.

Buyer and Seller Profiles

Fogelman Properties is one of the country's largest privately owned multifamily investment and property management companies. The Ovilla at Legacy Square represents the firm's ninth community in Texas, bringing its Texas portfolio to approximately 3,012 units under management. The acquisition also marks the ninth investment in a joint-venture partnership between Fogelman Properties and Brown Brothers Harriman.

Thompson Realty Capital and Trez Capital developed and capitalized the asset, bringing the property to stabilization before executing the disposition.

IPA's Texas Multifamily Platform

"IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin, and San Antonio," said Balthrope.

Institutional Property Advisors operates as a division of Marcus & Millichap, focusing on acquisition, disposition, and financing services for institutional-grade properties and portfolios across North America.

Sources

Institutional Property Advisors — Official Announcement, Aug. 27, 2026