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3/27/18
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S2 Capital LLC acquired Oak Creek Apartments, a 464-unit residential property in Bedford, TX, on behalf of one of its managed funds. Located at 1611 Oak Creek Lane, the property is one of the largest Class B communities in the “midcities” between Dallas and Fort Worth.
The 61-building property is 92% occupied and provides an attractive opportunity to upgrade approximately 80% of the units with modern interior finishes. Additionally, TIG and S2 Capital plan on renovating the leasing center, fitness center and clubhouse to further enhance the overall value of the asset.
Oak Creek Apartments is well-positioned near some of the busiest thoroughfares and interchanges in the metroplex. This midcities location benefits residents with access to some of the metroplex’s major employment hubs, including Dallas/Fort Worth International Airport, downtown Fort Worth, and downtown Dallas. The property offers residents direct access to Bell Manor Elementary School, which creates an ideal community for families that want to be in the highly regarded Hurst-Euless-Bedford school district.
Transwestern’s Managing Director Taylor Snoddy and Vice Presidents Philip Wiegand and James Roberts represented the seller in the transaction. This value-add acquisition represents the first multifamily purchase of the fund.
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