
Dallas-based S2 Capital is bullish on opportunities in its hometown, recently acquiring five multifamily communities with almost 2,000 units.
“S2 now owns and operates 10,793 units within the DFW metroplex,” said CEO Scott Everett. “We are always looking for new investment opportunities across the multifamily spectrum in DFW because the metroplex offers residents a diverse employment base paired with an affordable cost of living. We have been very aggressive building our portfolio in DFW the past 12 months as we expect competition for good deals to accelerate over the next 12 months as the capital flight from gateway markets to cities like Dallas occurs.”
The five DFW properties were acquired through three separate transactions.
The first transaction includes the 848-unit Lake Village North in Garland and the 344-unit Churchill Crossing in Mesquite. S2 plans to spend more than $10 million renovating Lake Village North, which will be rebranded as The Republic, and $3.5 million on Churchill Crossing, which will reopen as the Durham Apartments. NorthMarq’s Taylor Snoddy, James Roberts, and Philip Wiegand represented the seller in this two-property portfolio.
The second transaction, the 229-unit Bel Air Willow Bend community in Plano, will undergo $2.8 million in renovations and will reopen as The Hathaway at Willow Bend. Newmark’s Brian Murphy and Richard Furr represented the seller.
The final two properties are the Brixton and Neo Midtown in Dallas. The 224-unit Brixton will receive $2 million in renovations, and the 321-unit Neo Midtown will undergo more than $2.5 million in renovations. Both properties will reopen under the same names. Eastdil Secured’s Ryan Reid and Phoebe Brent represented the seller on this two-property portfolio.
Founded in 2012 to specialize in value-add multifamily properties, S2 has acquired 32,000 units totaling $4 billion in portfolio value throughout Arizona, Florida, North Carolina, and Texas.