S2 Capital has added 768 units in Texas to its US multifamily real estate portfolio.
The investment manager has invested an undisclosed amount to acquire the 126-unit Falltree multifamily property in Mesquite and the 642-unit Silverbrook property in neighbouring Grand Prairie.
S2 Capital said it plans to enhance and reposition Falltree and Silverbrook by renovating all the units.
Ryan Everett, VP of acquisitions at S2 Capital, said the deals mark the first acquisitions for S2 in 2023 “as we have remained very patient with our capital as pricing and capital markets continue to deteriorate”.
Everett added: “Both of these new acquisitions are located within a few miles of other multifamily assets owned by S2. Our strategy of geographic proximity of properties provides economies of scale in operating costs, which significantly increases the profitability of these assets.”
To read the latest edition of the latest IPE Real Assets magazine click here.