S2 Capital has expanded its portfolio through the acquisition of Landmark at Gleneagles in Dallas. This transaction is part of a larger distressed portfolio comprising five properties with a total of 1,768 units, including additional assets in Knoxville and Nashville.
The Dallas-based firm has formed a new joint venture with Trinity Investors, the existing limited partner, by investing $60 million through a structured preferred equity investment. Financing for the acquisition was secured with a five-year, $170 million senior loan from ACORE Capital.
Located at 4909 Haverwood Lane in Dallas, Landmark at Gleneagles features 590 units spread across 46 buildings on nearly 26 acres. The property, built in two phases in 1985 and 1995, was purchased by GVA Real Estate Investments from Starwood Capital Group in December 2022 for $99.8 million, according to Commercial Edge.
This residential community offers one- and two-bedroom apartments ranging from 700 to 1,205 square feet, with an average size of 912 square feet. Amenities include three swimming pools, a fitness center, a clubhouse, a business center, as well as tennis/pickleball and basketball courts.
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