S2 Capital has acquired Plano, Texas-based Residences at Preston Park, a multifamily community. No financial terms were disclosed.
Dallas, TX, April 1st, 2022 – S2 Capital, LLC (“S2”) today announced it has acquired Residences at Preston Park, a 266-unit multifamily community in Plano, Texas. S2, a national value-add multifamily investor with more than $9 billion in transaction volume, is making this investment from its fund, S2 Multifamily Value-Add Fund 1. Terms of the transaction were not disclosed.
Residences at Preston Park is a three-story garden/townhomes style apartment built in 1995, set on approximately 15 acres, with an average unit size of 1,114 square feet. S2 Capital is poised to elevate the property’s renter profile via hands-on residential management, asset management, and construction management. The proposed interior and exterior renovation plans anticipate spending just over $4 million to make select premium renovations.
Located at 4701 Preston Park Boulevard, the property provides residents access to the highly ranked Plano Independent School District and is convenient to major employment nodes such as Legacy, Frisco, Uptown/Downtown Dallas, Las Colinas, DFW Airport, and the Platinum Corridor. In 2021, the Plano submarket saw nearly 98% average occupancy and 21% annual rent growth, driven by a growing population attracted by job opportunities and the area’s robust economic recovery.
“From the start of our discussion on Residences at Preston Park, we have been impressed by the property’s significant value-add opportunity,” said Ryan Everett, VP of Acquisitions at S2. “We believe our investment will benefit both the local residents and our investors. We are also bullish on West Plano’s apartment market, which is driven by steady occupancy rates and record-breaking demand for the whole Dallas-Fort Worth region. “
Henry Stimler, Bill Weber, and Ari Schwartzbard of Newmark helped secure financing for S2. Brian O’Boyle Jr. at Newmark represented the seller throughout the transaction.
Founded in 2012, S2 Capital is a Dallas-based national multifamily investment platform specializing in value-add properties. With more than $9 billion in transaction volume, S2 has acquired approximately 42,000 units through 115 acquisitions, and has successfully invested over $400 million in upgrades and renovations. S2 is vertically integrated, comprised of affiliated businesses including acquisitions, construction, asset management, and operations divisions that work closely together to execute the firm’s business plan. The firm concentrates its investments in the U.S. Sun Belt, including Arizona, Georgia, Florida, North Carolina, and Texas, 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.