DALLAS, TX – S2 Capital, a national, vertically integrated multifamily investment manager, announced the acquisition of The Place at Saddle Creek, a two-story, 238-unit multifamily property located in Carrollton, Texas, a prominent suburb of Dallas. Terms of the transaction were not disclosed.
“The Place at Saddle Creek is an attractive acquisition for S2 as the property has not been fully renovated in over a decade while the greater Dallas-Fort Worth area has experienced significant increases in rents and population growth,” said Ryan Everett, Vice President of Acquisitions at S2. “Our ability to assume the existing fixed rate loan from Freddie Mac at a low leverage ratio ensures immediate cash flow at the property level. We look forward to executing a comprehensive renovation plan with value-added upgrades to the property to enhance the overall resident experience and deliver immediate rent increases.”
The building is located at 3420 Country Square Dr. in Carrollton. Residents will be in close proximity to many lifestyle attractions such as Village on the Parkway, Addison Circle and Downtown Carrollton, all of which are shopping and dining centers, as well as many residential and upscale homes and a number of excellent public schools. The Place at Saddle Creek is also close to a variety of public parks, natural areas and the popular Lewisville Lake, a destination for boating, fishing and outdoor recreation. Outside of the city of Carrollton, residents are connected to the greater Dallas-Fort Worth area via major transportation systems such as the Dallas North Tollway and I-635.
On-site, 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. Most of The Place at Saddle Creek’s individual apartment units remain in classic condition since the property was built, while select units feature modern finishes with quartz countertops, stainless steel appliances, balconies, fireplaces, and upgraded flooring.
S2 plans to rename the property “Brookbend.” The comprehensive renovation plan includes upgrading the interiors of the units with new granite countertops, upgraded kitchen appliances and bathroom fixtures. In addition, S2 plans to renovate the building’s exterior and improve the leasing office, gym and pool areas.
