The Dryden

S2 Capital acquired Dryden apartments in August 2016. Dryden is a 188-unit community located in Arlington, TX.

Formerly named River Oaks Apartments, this two and three-story garden style multifamily community was originally constructed in 1983.

The thesis for this investment was driven primarily by our ability to acquire a well-located asset in a high growth submarket with additional upside through renovations and our vertically integrated management.

S2 budgeted to spend approximately $15K p/unit in renovation costs to upgrade the interior of units to include new countertops, flooring, fixtures, paint, and appliances, while also conducting an exterior renovation to completely revamp the complex.

After renovating 66% of the total units and increasing average rents 23% from $731 to $900, S2 decided to capitalize on the growth created and sold the property.

In total, our LPs received a 33.8% IRR and a 1.88x MOIC.