A Texas-based investment company purchased six Arlington apartment communities Monday for $51.7 million.
S2 Capital LLC, through five subsidiaries, bought Eagle Pointe Apartments I and II, Arlington Eagle Apartments, Eagle Court Apartments, Jacksonville Village Apartments and Eagle Ridge Apartments. The communities were constructed from the 1960s through the 1980s.
Mortgages of $38.77 million are held by BDS II Mortgage Capital JPM LLC.
The properties were bought from separate entities that were managed by Lohman Property Management Co. of Ormond Beach. The apartments were last purchased in 2015 and 2016 for $26.18 million.
S2 Capital, founded in 2012, is based in Addison, Texas, a suburb of Dallas. The company website says it purchases “B- and C- quality assets that are under leased and poorly managed in markets with positive demographics, strong submarket rent and occupancy growth.”
The company says it has purchased and renovated more than 18,000 multifamily units across Texas and Florida, creating a $1.7 billion portfolio.
According to its website, S2 Capital owns three other apartments in Jacksonville: Boat House and Shore House Apartments on Century 21 Drive and the Tree House Apartments on University Blvd. N.