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The Muse


The Muse

S2 Capital acquired The Muse in March 2017. The Muse is an 804-unit community located in Dallas, TX.


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Business Plan & Execution


Formerly named Tierra Linda, this one, two and three-story garden style multifamily communities was originally constructed in 1969.

This project represented a continuation of S2’s “deep value-add strategy”, which involves identifying physically and operationally distressed properties that are good candidates for rent increases in well-located markets that S2 has extensive knowledge of.

The thesis for this investment was driven by an absentee owner, deferred maintenance, lack of reinvestment, reasonable purchase price and strong location.

S2 budgeted just over $11k p/unit in renovation costs that resulted in amenities and finishes with higher quality than competing properties in the submarket.

S2 successfully increased rents by 42% from $685 to $973 at the time of sale and surpassed other income projections related to the amenities package implemented.


Before



After




Key Metrics


Capitalization

$47,003,942

Total Equity

$9,703,942

Renovation Budget

$12,122,722

Year Built

1969

Total Units

804

Average Sqft/Unit

926 sqft

Units Renovated

68%

Starting Rent

$685

Ending Rent

$973

Rent Increase

$288

Hold Period

43 months

Net Returns

41.5% IRR (2.07x MOIC)



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