A Dallas investor, S2 Capital, has purchased four recently built rental communities in Northeast Dallas. The apartment community, which has more than 1,200 units, was bought from developer JLB Partners.
JLB Partners built the rental property on Amesbury Drive between 2014 and 2020 after buying hundreds of 1960s generation apartments on 19 acres beside the DART rail line. It was a just-sold development in 2013 before the developer knocked down the old rental units and replaced them with new communities.
“JLB built a great community, and we jumped at the opportunity to own these assets,” Founder and CEO of S2 Capital Scott Everett said in a statement. “We are very excited to partner with Pennybacker Capital in such a great location for our 28th deal together and are big believers in Dallas long term.”
NorthMarq Capital’s Taylor Snoddy, James Roberts, and Phillip Wiegand brokered the sale, while Austin-based Pennybacker Capital is a long-term equity partner in the deal with S2 Capital. Terms of the transaction have not been disclosed to the public.
Communities purchased include the Ash at the Branch, Live Oaks at the Branch, Cedar at the Branch, and Teak at the Branch apartments.
The Northeast Dallas acquisition makes one batch of the big buys S2 Capital has made recently. S2 Capital purchased over 1,350 rental units in two North Texas apartment properties in Far North Dallas and North Richland Hills about three months ago. The investor acquired almost 2,000 rental units in five communities in Dallas, Plano, Garland, and Mesquite about five months back.