LAKEWOOD, CO – S2 Capital, a national vertically integrated multifamily investment manager, announced the acquisition of Dartmouth Woods, a 201-unit, garden-style multifamily apartment community built in 1990 and located in South Lakewood, one of the most attractive submarkets of Denver, CO. Terms of the transaction were not disclosed.
Dartmouth Woods is located at 10025 W. Dartmouth Avenue in Lakewood. The property consists of modern two- and three-story buildings in an area of robust demographics with an average household income of $107,000, a median home price of $585,000 and highly-rated schools. S2 plans interior renovations that will include stainless steel appliances, modern lighting, new flooring and updated cabinets along with extensive renovations to the exterior and amenities to provide residents an enhanced living experience.
Ryan Everett, Vice President of Acquisitions at S2 Capital, said, “We have been evaluating potential transactions in the Denver market for two years and are very excited to be making our first investment in the area. Including the Dartmouth Woods transaction, S2 has acquired 1,865 units across Texas, North Carolina, Florida and now Colorado over the last 12 months. This represents $300+ million of total acquisitions the past 12 months, positioning the firm as a top-25 buyer of multifamily in Sunbelt markets.”
“Our conviction remains strong that multifamily has become attractively repriced in the short term due to excessive leverage in the system and pressure from interest rates on property cash flows, but the long-term outlook for housing in our target markets remains a compelling investment thesis at these prices for well capitalized investors,” added Ryan Everett.
S2 believes that the sharp reduction in new construction permits and starts, interest rate cuts signaled by the Federal Reserve, and various levels of stress, present a unique moment for investors with discretionary vehicles who are well-positioned to capitalize on these opportunities.