S2 Capital (“S2”), a national, vertically integrated multifamily investment manager, announced the acquisition of The Place at Saddle Creek, a 238 unit, two story, multifamily property located in Carrollton, Texas, a prominent Dallas suburb. Terms of the transaction were not disclosed.
“The Place at Saddle Creek is an appealing acquisition for S2, as the property has not experienced a full renovation in over a decade, during which the Dallas-Fort Worth area experienced a significant surge in rent and population growth,” said Ryan Everett, Vice President of Acquisitions at S2. “Our ability to assume the existing fixed rate Freddie Mac loan at a low leverage point, ensures immediate cash flow at the property level. We’re excited to be implementing an extensive renovation plan with value-add updates to the property to improve the overall experience for residents, and provide immediate rental upside.”
The Place at Saddle Creek is near a variety of public parks, nature areas and the popular Lewisville Lake, a destination for boating, fishing and outdoor recreation. Beyond the City of Carrollton, residents are connected to the greater Dallas-Fort Worth area through major transportation systems including the Dallas North Tollway and I-635.
Within the property, residents enjoy two private community pools, outdoor grilling stations, a renovated fitness center, tennis and pickleball courts, a business center, dog park and Amazon lockers. The majority of The Place at Saddle Creek’s individual apartment units are in classic condition from the property’s initial construction, while select units feature modern finishes, with quartz countertops, stainless steel appliances, balconies, fireplaces and upgraded flooring.
S2 plans to rebrand the property as ‘Brookbend,’ and the comprehensive renovation plan includes enhancing unit interiors with new granite countertops, upgraded kitchen hardware and bathroom fixtures. Additionally, S2 plans to renovate the building’s exterior and improve the leasing office, gym and pool areas.
