S2 Capital makes its first Denver-area apartment purchase for $52 million
Dartmouth Woods, built in 1990, will receive extensive renovations across its 201 units
S2 Capital makes its first Denver-area apartment purchase for $52 million
S2 Capital Acquires ‘Dartmouth Woods’ Multifamily Community in Suburban Denver, Colorado
S2 Capital Acquires ‘Dartmouth Woods’ Multifamily Community in Suburban Denver, Colorado
South Lakewood property marks firm’s expansion into Colorado
Dallas, TX, September 9, 2024 – S2 Capital (“S2”), a national vertically integrated multifamily investment manager, today announced the acquisition of Dartmouth Woods, a 201-unit, garden-style multifamily apartment community built in 1990 and located in South Lakewood, one of the most attractive submarkets of Denver, CO. Terms of the transaction were not disclosed.
Dartmouth Woods is located at 10025 W. Dartmouth Avenue in Lakewood. The property consists of modern two- and three-story buildings in an area of robust demographics with an average household income of $107,000, a median home price of $585,000 and highly-rated schools. S2 plans interior renovations that will include stainless steel appliances, modern lighting, new flooring and updated cabinets along with extensive renovations to the exterior and amenities to provide residents an enhanced living experience.
Ryan Everett, Vice President of Acquisitions at S2 Capital, said, “We have been evaluating potential transactions in the Denver market for two years and are very excited to be making our first investment in the area. Including the Dartmouth Woods transaction, S2 has acquired 1,865 units across Texas, North Carolina, Florida and now Colorado over the last 12 months. This represents $300+ million of total acquisitions the past 12 months, positioning the firm as a top-25 buyer of multifamily in Sunbelt markets.”
“Our conviction remains strong that multifamily has become attractively repriced in the short term due to excessive leverage in the system and pressure from interest rates on property cash flows, but the long-term outlook for housing in our target markets remains a compelling investment thesis at these prices for well capitalized investors,” added Ryan Everett.
S2 believes that the sharp reduction in new construction permits and starts, interest rate cuts signaled by the Federal Reserve, and various levels of stress, present a unique moment for investors with discretionary vehicles who are well-positioned to capitalize on these opportunities.
About S2
Founded in 2012, S2 is a Dallas-based national multifamily investment platform specializing in value-add, opportunistic, and distressed investments. With approximately $10 billion in transaction volume, S2 has acquired over 47,000 units through 140 acquisitions across high-growth domestic markets. S2 is currently targeting opportunities in Texas, Arizona, Colorado, Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia, where job and population growth is expected to outpace the national average and contribute to significant renter demand. S2 is a vertically integrated multifamily investment platform investing through its series of commingled closed-end vehicles with skilled teams in acquisitions, capital formation, construction, asset management and operations working closely together to execute the firm’s business plan. For more information, visit www.s2cp.com.
Media Contacts
media@s2cp.com
S2 Capital Acquires DFW Apartment Community
S2 Capital Acquires DFW Apartment Community
S2 Capital, a Dallas-based multifamily investment manager focused on the Sun Belt states, is expanding its Texas holdings with its acquisition of The Place at Saddle Creek, a 238-unit community in Carrollton, Texas. Scottsdale, Ariz-based MC Cos. sold the property.
S2 Capital Acquires ‘The Place at Saddle Creek,’ Multifamily Property in Carrollton, Texas
S2 Capital Acquires ‘The Place at Saddle Creek,’ Multifamily Property in Carrollton, Texas
The firm will complete comprehensive, value-add renovations at the suburban Dallas property
Dallas, TX, August 5, 2024 – S2 Capital (“S2”), a national, vertically integrated multifamily investment manager, today announced the acquisition of The Place at Saddle Creek, a 238 unit, two story, multifamily property located in Carrollton, Texas, a prominent Dallas suburb. Terms of the transaction were not disclosed.
“The Place at Saddle Creek is an appealing acquisition for S2, as the property has not experienced a full renovation in over a decade, during which the Dallas-Fort Worth area experienced a significant surge in rent and population growth,” said Ryan Everett, Vice President of Acquisitions at S2. “Our ability to assume the existing fixed rate Freddie Mac loan at a low leverage point, ensures immediate cash flow at the property level. We’re excited to be implementing an extensive renovation plan with value-add updates to the property to improve the overall experience for residents, and provide immediate rental upside.”
Located at 3420 Country Square Dr in Carrollton, residents are adjacent to many lifestyle attractions found in the Village on the Parkway, Addison Circle and Downtown Carrollton, all hubs for shopping and dining, as well as many residential neighborhoods and upscale homes, and an array of excellent public schools. The Place at Saddle Creek is also near a variety of public parks, nature areas and the popular Lewisville Lake, a destination for boating, fishing and outdoor recreation. Beyond the City of Carrollton, residents are connected to the greater Dallas-Fort Worth area through major transportation systems including the Dallas North Tollway and I-635.
Within the property, residents enjoy two private community pools, outdoor grilling stations, a renovated fitness center, tennis and pickleball courts, a business center, dog park and Amazon lockers. The majority of The Place at Saddle Creek’s individual apartment units are in classic condition from the property’s initial construction, while select units feature modern finishes, with quartz countertops, stainless steel appliances, balconies, fireplaces and upgraded flooring.
S2 plans to rebrand the property as ‘Brookbend,’ and the comprehensive renovation plan includes enhancing unit interiors with new granite countertops, upgraded kitchen hardware and bathroom fixtures. Additionally, S2 plans to renovate the building’s exterior and improve the leasing office, gym and pool areas.
About S2
Founded in 2012, S2 is a Dallas-based national multifamily investment platform specializing in value-add, opportunistic, and distressed investments. With approximately $10 billion in transaction volume, S2 has acquired over 47,000 units through 137 acquisitions and has successfully invested over $500 million in upgrades and renovations. S2 is a vertically integrated multifamily investment platform investing through its series of commingled closed-end vehicles, with skilled teams in acquisitions, capital formation, construction, asset management and operations working closely together to execute the firm’s business plan. The firm concentrates its investments in the U.S. Sunbelt, including Arizona, Florida, Georgia, North Carolina, South Carolina, Texas, Tennessee and Virginia, where job and population growth is expected to outpace the national average and contribute to significant renter demand. For more information, visit www.s2cp.com.
Media Contacts
media@s2cp.com
Dallas Investment Firm Buys 202-Unit Austin, Texas, Apartment Complex
Dallas Investment Firm Buys 202-Unit Austin, Texas, Apartment Complex
S2 Capital, a Dallas-based investment firm, acquired the 202-unit multifamily property, the Stetson, from Equimax Management, for $32.5 million.
S2 Capital Buys 2 Communities Totaling 300-Plus Units
S2 Capital Buys 2 Communities Totaling 300-Plus Units
S2 Capital has acquired a two-property ensemble comprising the 104-unit Belle Rive Club Apartments in Jacksonville, Fla., along with the 202-unit Vineyard Hills in Austin, Texas. Main Street Residential previously owned the Jacksonville community, while a private investor sold the Austin property, Yardi Matrix information shows.
