S2 Acquires 590-Unit Dallas Rental Asset

S2 Capital has acquired the Landmark at Gleneagles in Dallas, as part of a five-property, 1,768-unit distressed portfolio. The four other apartments were Knoxville and Nashville. Dallas-based, S2 has invested $60 million in a new joint venture with Trinity Investors, the existing limited partner, through a structured preferred equity investment. S2 has also secured a new five-year $170 million senior loan through ACORE Capital for the transaction. 

Landmark at Gleneagles is situated at 4909 Haverwood Lane in Dallas. The property has 590 units in 46 buildings across nearly 26 acres. It was built in two phases in 1985 and 1995. Commercial Edge reports GVA Real Estate Investments acquired the property in December 2022 from Starwood Capital Group for $99.8 million. 

The community has one- and two-bedroom apartments ranging in size from 700 to 1,205 square feet, with an average of 912 square feet. The property has three swimming pools, a fitness center, clubhouse, business center, tennis/pickleball court and basketball court. It has been rebranded as The Monte.