S2 Capital has acquired the 369-unit Lincoln Park at Trinity Bluff in downtown Fort Worth, Texas. Cityview was the seller, according to Yardi Matrix. Benefit Street Partners provided the buyer with financing.
LPC Senior Vice President John Poston represented Cityview in the latest sale. Cityview had purchased the property from Lincoln Property Co. for $57.5 million in 2014, Yardi Matrix shows.
The property, located at 520 Samuels Ave., was built in 2010. S2 plans to invest $4.8 million into capital improvements, primarily focused on upgrading unit interiors and amenities, rebranding the community as The Franklin. The asset is near the University of North Texas Health Science Center.
Planned upgrades will build on an already high live-work-play potential. Located within minutes of top-quality dining, entertainment, and outdoor recreation venues, The Franklin is also conveniently close to the business buzz of downtown. Residents looking for Fort Worth office space will be perfectly positioned to access some of the best options in town.
S2 has expanded its multifamily holdings at the national level over the past 12 months, acquiring some 7,800 units in Arizona, Texas, North Carolina and Florida. Lincoln Park marks the investor’s 10th purchase in the DFW metro during the same period.
Benefit Street has worked with S2 throughout much of the firm’s expansion, providing financing of $625 million for the acquisition of 17 communities. In November, the lender financed the $55 million purchase of a 408-unit community in suburban Phoenix.