S2 Capital, a Dallas-headquartered multifamily investment manager, has acquired Dartmouth Woods, a 201-unit multifamily community in the Denver suburb of South Lakewood, Colorado.
The financial terms of the transaction were not disclosed. Dartmouth Woods was built in 1990 and consists of modern two- and three-story buildings. S2 plans interior renovations that will include stainless steel appliances, modern lighting, new flooring and updated cabinets along with extensive renovations to the exterior and amenities.
Ryan Everett, vice president of acquisitions at S2 Capital, said, “We have been evaluating potential transactions in the Denver market for two years and are very excited to be making our first investment in the area. Including the Dartmouth Woods transaction, S2 has acquired 1,865 units across Texas, North Carolina, Florida and now Colorado over the last 12 months. This represents $300-plus million of total acquisitions the past 12 months, positioning the firm as a top-25 buyer of multifamily in Sunbelt markets. Our conviction remains strong that multifamily has become attractively repriced in the short term due to excessive leverage in the system and pressure from interest rates on property cash flows, but the long-term outlook for housing in our target markets remains a compelling investment thesis at these prices for well capitalized investors.”
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