Northmarq delivers another sale for S2 Capital with delivery of two Dallas-area multifamily communities

Two Dallas Multifamily Communities

Legends on Lake Highlands and Carrollton Oaks to undergo renovations, cater to rapidly rogwing dallas apartment rental market

DALLAS, TEXAS (April 11, 2022) – S2 Capital, LLC (“S2”) today announced it has acquired a two-property portfolio in the Dallas metro area. The portfolio includes Legends on Lake Highlands, a 356-unit multifamily community in East Dallas, and Carrollton Oaks, a 320-unit apartment complex in Carrollton, 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. 

Taylor Snoddy, managing director of investment sales - Dallas, represented the seller throughout the transaction. Lauren Bresky, senior vice president/managing director, Kevin Leamy, senior vice president, Daniel Stickane, senior vice president, and Loren Heikenfeld, assistant vice president, collaborated to arrange financing via bridge financing through its relationship with a bridge lender. 

Over the next two years, S2 expects to spend approximately $5 million per property in renovations. All interior units will be updated and will feature stainless steel appliances, hard-surface countertops, undermount sinks, kitchen backsplash, vinyl flooring, hardware, light fixtures, and ceramic shower tile. Planned upgrades for exterior spaces are property-specific, and are expected to include enhanced amenity spaces, leasing offices, clubhouses, swimming pool, landscaping, balcony enclosures, monuments, and signage.

Built in 1979 and located at 11201 Lake Highlands Drive on 12 acres, Legends on Lake Highlands is a two-story garden style apartment complex featuring one-and two-bedroom units. The property lies in the submarket of East Dallas, a mature residential neighborhood whose current housing shortage has led to an all-time high demand for rental apartments along with rental occupancy levels of over 97 percent. 

Carrollton Oaks is a two-story garden style apartment community built in 1981 with one-and two-bedroom units. Located at 2500 Guerrero Drive on 17 acres, the property benefits from Carrollton’s central location, dynamic population growth, housing affordability and proximity to Dallas jobs and entertainment.

Strong in-migration trends and pro-business local government has contributed to metro Dallas’s standing as one of the country’s fastest growing multifamily markets in 2021. “Dallas and its surrounding areas are enjoying remarkable demand, and these properties will provide an affordable option in an increasingly expensive area,” said Ryan Everett, VP of Acquisitions at S2. “We are excited to invest in upgrading the units to attract tenants and we believe our planned improvements, along with our hands-on residential management, asset management and construction management, will position the property as an attractive asset that can command market rents.” 

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

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