S2 Capital Buys Suburban DFW Portfolio
The new owner plans to invest more than $20 million into capital improvements at the two properties.
Verandas at Timberglen
S2 Capital has acquired two multifamily properties totaling 1,358 units in the Dallas-Fort Worth metro. Alliance Residential Co. sold the 522-unit Verandas at Timberglen, while Harbor Group International is the seller of the 836-unit 8500 Harwood.
Institutional Property Advisors and Northmarq facilitated the transactions. IPA’s First Vice President Joey Tumminello and Senior Vice President Michael Ware represented Alliance Residential Co., while Northmarq’s Managing Director Taylor Snoddy represented Harbor Group.
Verandas at Timberglen is located at 4607 Timberglen Road in Dallas, while the other is at 8500 Harwood Road in the Fort Worth suburb of North Richland Hills. Both properties feature one-, two- and three-bedroom apartments.
8500 Harwood
Verandas at Timberglen’s 31 buildings were built between 1998 and 1999. The community features a fitness center, business center, clubhouse, swimming pool and playground as well as volleyball and basketball courts. The asset, within a mile of the Frankford Road retail corridor, is 17 miles north of downtown Dallas.
The 82 buildings of 8500 Harwood were completed in 1986. The community is home to a fitness center, a clubhouse, a playground, four swimming pools, a tennis court and a basketball court. Eleven miles north of downtown Fort Worth, the property is a half-mile from Tarrant County College’s Northeast Campus.
Building the value
S2 Capital plans to invest $6.9 million and $13.3 million, respectively, on renovating Verandas at Timberglen and 8500 Harwood. Upgrades will include improvements to unit interiors and updates to each property’s amenity mix. As part of the repositioning, the North Dallas community will be rebranded as The Vincent.
S2 Capital has increased its portfolio by 33,000 units since 2012, focusing on acquisitions in Texas, Florida, North Carolina and Arizona. Last month, the investor made its 10th acquisition in the Metroplex with the purchase of a 369-unit asset in downtown Fort Worth.
