Further committing to its hometown, Dallas-based S2 Capital recently acquired five DFW properties totaling 1,966 units via three separate transactions. The firm has plans in the works to renovate and/or rebrand all of the properties.
S2 plans to spend more than $10 million renovating the 848-unit Lake Village North, which will reopen as The Republic. Additionally, S2 will spend more than $3.5 million renovating the 344-unit Churchill Crossing community that will reopen as the Durham Apartments. Plano’s 229-unit Bel Air Willow Bend property will undergo a $2.8 million renovation program and reopen as The Hathaway at Willow Bend. The 224-unit Brixton property will undergo $2 million in renovations and S2 has plans to spend more than $2.5 renovating Neo Midtown’s 321 units. Both properties will reopen under the same names.
“S2 now owns and operates 10,793 units within the DFW metroplex,” said Scott Everett, CEO of S2 Capital. “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.”
NorthMarq’s Taylor Snoddy, James Roberts and Philip Wiegand represented the seller of the two-property portfolio that includes Garland’s Lake Village North and Mesquite’s Churchill Crossing. Newmark’s Brian Murphy and Richard Furr represented the seller of Bel Air Willow Bend. Eastdil Secured’s Ryan Reid and Phoebe Brent represented the seller of the Brixton and Neo Midtown.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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