S2 overtakes Blackstone as No. 1 buyer in Dallas-Fort Worth multifamily sector

S2 Capital has acquired a 14-property portfolio across Dallas-Fort Worth and Houston.

The portfolio totals 4,455 units across 14 assets built from 1979 to 1987. The investment was made from its S2 Multifamily Value-Add Fund 1. Terms of the transaction were not disclosed.

With this transaction, S2 overtakes Blackstone as the No. 1 buyer of multifamily in Dallas-Fort Worth during the past five years, according to the release, sourcing Real Capital Analytics data.

During the next two years, S2 plans to renovate the exterior and interior of each asset to offer residents an better community experience. The exterior enhancements will be tailored around improved swimming pools, fitness centers, clubhouses, leasing offices, repainting, refreshing siding, and upgrading balcony enclosures. Interior enhancements will focus on new flooring, countertops, appliance packages, kitchen tile, shower tile, light fixtures and hardware.