Source: S2 Capital
DALLAS, TX - S2 Capital announced it has acquired Residences at Preston Park, a 266-unit multifamily community in Plano, Texas. S2, a national value-add multifamily investor with more than $9 billion in transaction volume, is making this investment from its fund, S2 Multifamily Value-Add Fund 1. Terms of the transaction were not disclosed.
Residences at Preston Park is a three-story garden/townhomes style apartment built in 1995, set on approximately 15 acres, with an average unit size of 1,114 square feet. S2 Capital is poised to elevate the property's renter profile via hands-on residential management, asset management, and construction management. The proposed interior and exterior renovation plans anticipate spending just over $4 million to make select premium renovations.
Located at 4701 Preston Park Boulevard, the property provides residents access to the highly ranked Plano Independent School District and is convenient to major employment nodes such as Legacy, Frisco, Uptown/Downtown Dallas, Las Colinas, DFW Airport, and the Platinum Corridor. In 2021, the Plano submarket saw nearly 98% average occupancy and 21% annual rent growth, driven by a growing population attracted by job opportunities and the area's robust economic recovery.
"From the start of our discussion on Residences at Preston Park, we have been impressed by the property's significant value-add opportunity," said Ryan Everett, VP of Acquisitions at S2. "We believe our investment will benefit both the local residents and our investors. We are also bullish on West Plano's apartment market, which is driven by steady occupancy rates and record-breaking demand for the whole Dallas-Fort Worth region."