- S2 Capital, a Dallas-based multifamily investment firm, is acquiring Fort Worth-based Fort Capital’s industrial operating platform, excluding its real estate holdings.
- Fort Capital’s 11M SF portfolio, largely in Texas, will be managed under the S2 umbrella, with a focus on value-add and core-plus industrial assets in high-growth U.S. markets.
- The acquisition adds a 50-person investment team and new leadership, including Chris Roach as president and Parker McCormack as CIO, signaling S2’s serious entry into the industrial space.
S2 Enters Industrial With Strategic Acquisition
Dallas-headquartered S2 Capital is making its industrial debut, acquiring the operating platform of Fort Worth-based Fort Capital. While the deal doesn’t include Fort Capital’s real estate holdings, it marks a strategic pivot for S2, best known for its $5B multifamily portfolio, according to Bisnow.
Leadership Changes and Integration
The deal brings in Fort Capital’s 50-person investment team and is being bolstered by two leadership hires: Chris Roach, formerly CEO of BBG, joins as president, and Parker McCormack, formerly of JLL, is taking over as CIO—a role he’s held since January, according to LinkedIn.
Investment Strategy Going Forward
Under S2’s ownership, the new industrial division will focus on acquiring and managing shallow-bay infill industrial properties in high-growth, needs-based markets. This aligns with broader investor interest in resilient, last-mile logistics assets.
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Transition at Fort Capital
Fort Capital founder Chris Powers will stay on as an advisor for six months but won’t remain with the company long-term. Powers noted the alignment of both firms’ “entrepreneurial” and “strategic” values as a key driver behind the sale.
Why This Deal Matters
The acquisition expands S2’s investment capabilities and offers its investors new access to one of CRE’s most resilient sectors. As capital continues to flow toward logistics, the move positions S2 to capitalize on growing demand for light industrial assets across the country.
Portfolio Metrics and Market Reach
S2 Capital has acquired over $7.5B in multifamily assets and sold more than $3B to date. Fort Capital’s industrial portfolio adds a significant new vertical to that platform.
What’s Next
With the deal expected to close next week, S2 will look to scale its industrial presence nationwide, leaning into infill strategies that cater to shifting e-commerce and logistics trends.
