S2 Capital has acquired Residences at Preston Park, a 266-unit multifamily community in Texas. S2 is making this investment from its fund, S2 Multifamily Value-Add Fund I.
Residences at Preston Park provides residents access to the highly ranked Plano Independent School District and is convenient to major employment nodes. The property is a three-story garden/townhomes style apartment built in 1995, set on approximately 15 acres. S2 Capital is an investment platform specializing in value-add properties and has acquired approximately 42,000 units through 115 acquisitions.
“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.