The 4,455 units is made up of 14 apartment complexes, mostly in the Dallas/Fort Worth area. A smaller number are sited in Houston. All properties were built between 1979 and 1987. Over the next two years, S2 plans to renovate the exterior and interior of each asset. Plans call for enhancements to swimming pools, fitness centers, clubhouses as well as curb appeal items like paint and and balcony enclosures.

S2’s Ryan Everett says it’s time for an upgrade, “The majority of the amenities and features at these properties date back to their original development roughly 40 years ago. Our planned property improvements will increase the supply of quality housing that is essential to sustaining desirable communities and meeting local employer needs, which will benefit both our tenants and investors,” 

With this transaction, S2 overtakes Blackstone as the #1 most active buyer of multifamily in Dallas/Fort Worth for the past five years, so reports Real Capital Analytics.