Press Release brought to you by S2 Capital

S2 Capital Announces Acquisition of Holly Ridge Apartments

05/27/2016

S2 Capital Announces Acquisition of Holly Ridge Apartments

Purchaser Acquires 290 Unit Apartment Complex in Arlington Neighborhood

DALLAS, May 26, 2016 – S2 Capital, a multifamily real estate investment company with construction and management capabilities serving the Dallas and Fort Worth areas, announced today the successful sale of the Holly Ridge apartment complex located at 2504 Ivy Brook Court in Arlington.

With a total of 290 apartment units, the Holly Ridge apartment complex was built in 1981. S2 Capital bought this deal at a live auction in Houston out of 23-property portfolio that had been through bankruptcy multiple times the previous five years.

“Our knowledge of the Arlington submarket allowed us to locate an undervalued asset with tremendous opportunity for growth,” said Scott Everett, Principal, S2 Capital. “This deal required a 5% non-refundable deposit upon winning the deal at auction and 45 day close, so it helped shrink the competition and was priced accordingly for the risk.”

S2 Capital plans to spend $4 million on renovations for the Holly Ridge property and will add value to this community that is heavily dominated by apartment complexes. Holly Ridge is conveniently located near Texas State Highway 360 and I-30, while being located across from S2 Capital’s sister property, The Hudson, which has a total of 660 units.

Since its establishment in 2012, S2 Capital has acquired over $300 million in “B and C” multifamily communities (over 6,000 units) and successfully invested over $75 million in upgrades and renovations.

ABOUT S2 CAPITAL

S2 Capital was founded in 2012 by Harold “Skip” Bird and Scott Everett to build a multifamily value add investment platform in the Dallas/Ft. Worth area. S2 Capital focuses on buying properties in areas that can support rental growth through cost effective improvements. Its affiliate, S2 Construction LLC, has construction managed all its projects. For more information, visit http://www.s2cp.com/.

Source

S2 Capital

Want more news about S2 Capital? Click here