S2 Capital Acquires Two Dallas Area Multifamily Communities

S2 Capital, a national multifamily investment platform, has acquired a two-property portfolio in the Dallas metro area. The portfolio includes Legends on Lake Highlands, a 356-unit multifamily community in East Dallas, and Carrollton Oaks, a 320-unit apartment complex in Carrollton, TX. S2 stated that it is making this investment from its fund, S2 Multifamily Value-Add Fund 1. Terms of the transaction were not disclosed.

 Built in 1979 and located at 11201 Lake Highlands Drive on 12 acres, Legends on Lake Highlands is a two-story garden style apartment complex n the submarket of East Dallas. Carrollton Oaks is a two-story garden style apartment community built in 1981, is located at 2500 Guerrero Drive.

Over the next two years, Dallas-based S2 expects to spend approximately $5 million per property in renovations. Lauren Bresky and Lauren Heikenfeld of Northmarq helped secure financing for S2. Taylor Snoddy of Northmarq represented the seller throughout the transaction.