As multifamily housing construction activity across the Sunbelt falls to levels not seen since the aftermath of the Global Financial Crisis, S2 Capital (“S2”) is introducing a dedicated development platform targeting multifamily and industrial projects throughout key Sunbelt regions. The company views this move as a strategic opportunity to capitalize on an anticipated long-term shortage in supply.

Headquartered in Dallas, S2 is a real estate investment firm that has completed transactions exceeding $13 billion in total capitalization, acquired more than 51,000 residential units nationwide, and currently oversees over 8 million square feet of industrial assets. To spearhead this new initiative, the company has appointed experienced development executive Carl Starry as President of Development.

According to S2, a combination of reduced construction starts, continued population migration into the Sunbelt, and strong long-term housing demand has created favorable conditions for disciplined ground-up development over the next several years.

“We see this as one of the strongest development opportunities of the past decade,” said Scott Everett, Founder and CEO of S2 Capital. “Construction starts have dropped sharply while demand across the Sunbelt continues to remain healthy. With fewer projects expected to deliver in the coming years and financing conditions still limiting new supply, experienced developers with strong capital relationships and the ability to move forward today are positioned to benefit. Carl’s leadership experience and track record make him ideally suited to build this platform from the ground up.”

Starry joins S2 with more than two decades of experience in multifamily development. Most recently, he served at Leon Multifamily as Executive Managing Director, where he oversaw and expanded the company’s development operations. During his tenure, his team completed 24 projects representing over $1.4 billion in investments across Texas, Arizona, and the Carolinas, supported by a 14-member development team operating in four major markets.

Prior to that, Starry held the role of Managing Director for North Texas at Trammell Crow Residential. Under his leadership, projects within his portfolio earned notable industry recognition, including the Dallas Business Journal’s Real Estate Deal of the Year and the National Association of Home Builders’ Pillars Award for Best Garden Apartment Community. Throughout his career, he has contributed to the development of more than 11,800 residential units valued at over $4.1 billion and has received multiple honors from NAHB Pillars and Multifamily Executive.

“S2 has built a strong reputation and operational advantage across the Sunbelt, making this an outstanding platform for future growth,” said Starry. “The firm’s deep market knowledge and analytical capabilities provide a meaningful competitive edge as we expand into large-scale development. I’m looking forward to building a team capable of delivering projects that reflect the strength of that foundation.”

Based at the company’s Dallas headquarters, Starry will report directly to Everett and oversee the expansion of S2’s development team to support projects across its Sunbelt markets.
The executive recruitment process was managed by James Wilson of MHW Search.

The International WELL Building Institute (IWBI) has announced that its WELL for Residential program—the only global certification dedicated to healthier homes—has seen remarkable engagement during its pilot phase. The initiative now spans nearly 20 million square feet of real estate, covering over 40,000 residential units across 22 countries. Of these, more than 3,000 units, representing over 7 million square feet, have already achieved WELL Residence certification or precertification through the program’s evidence-based, third-party verified framework designed to promote healthier, more resilient living environments.

“We are thrilled that WELL for Residential has rapidly emerged as a leading solution in the industry, supporting people to live healthier, more fulfilling lives in their homes,” said IWBI President and CEO Rachel Hodgdon. “This global collaboration addresses the pressing need for homes that actively enhance resident health and well-being while also offering measurable financial benefits for developers and investors.” To date, WELL for Residential achievements extend across nearly 10 countries, including the United States, United Kingdom, China, New Zealand, Japan, Italy, Spain, Malaysia, and India.

As the global authority driving market transformation through healthier buildings, organizations, and communities, IWBI launched WELL for Residential to reshape how homes are designed, built, and operated to support occupant health. Featuring more than 100 strategies, the program evaluates how design, operations, and resident behaviors can boost well-being, covering key elements such as indoor air and water quality, natural light, access to fitness and green spaces, and initiatives promoting both physical and mental health.

“Homebuyers and renters increasingly expect residences that prioritize their well-being,” said Liz Miles, IWBI Vice President of Residential. “Homes built to be healthy and resilient are better equipped to respond to climate challenges while improving residents’ overall quality of life. WELL for Residential provides a clear framework to achieve these goals.”

WELL for Residential is the world’s first holistic, third-party verified certification exclusively focused on health and well-being across all residential types, including single-family homes and multifamily units. At its early 2024 launch, the program included 25 global pilot participants, representing nearly 30,000 homes.

What participants are saying:
B K Malagi, Vice Chairman of Experion Developers, said, “Achieving WELL for Residential precertification is a milestone that reflects our commitment to creating homes that support resident well-being beyond luxury and aesthetics.” Experion has secured precertification for three flagship complexes totaling nearly 1,000 residences.

Chris Botten, Head of Sustainability at Lendlease UK, shared, “Our aim is to design homes that foster healthier, happier lives. Earning Europe’s first WELL Residence certification at Parkside demonstrates our commitment to resident well-being at every stage.”

Chris Wilson, CEO of Corvias, said, “Participating in WELL for Residential is a crucial step in setting health standards for military housing. This program reinforces our commitment to service members and their families while highlighting our approach to evidence-based, resilient home design.”

Alex Uregian, Managing Director of City Sanctuary, noted, “Our Grade II listed Albion Court retrofit allowed us to test WELL in the mid-market rental sector. Early results—better sleep, calmer evenings, healthier indoor environments—show that well-being-focused design is no longer limited to luxury homes.”

Jaykant Patel, founder of ARCHETYPE, said, “Integrating WELL into our Continuum 115 Apartments enhances residents’ confidence that their homes are healthier and more resilient, aligning with our health-focused design approach.”

Dr. Ted Caplow, co-founder of Caplow Manzano, explained, “WELL provides a clear, credible standard for healthy residential design—a frontier that was largely unexplored. Displaying the WELL mark signals to homebuyers that these homes meet rigorous health standards.”

Nick Deacon, Development Manager at Johnson Development, stated, “WELL for Residential offers a framework that communicates real, evidence-based value to builders, residents, and stakeholders alike.”

The program was developed with input from over 100 advisors and 20 builder and developer groups. Extensive collaboration over two years with IWBI’s WELL for Residential Advisory—comprising architects, engineers, public health experts, and real estate professionals—shaped the final framework.

Recognizing the program’s rapid adoption, IWBI announced that its Governance Council unanimously ratified WELL for Residential. The program is scheduled to be fully integrated into the One WELL platform in 2026. Established in 2020, the Governance Council comprises global thought leaders, public health experts, and business executives who safeguard the integrity of IWBI certification frameworks and accelerate WELL adoption worldwide.

WELL for Residential is part of IWBI’s broader WELL ecosystem, which offers organizations globally an evidence-based approach to health-focused design. WELL programs—including WELL Certification, WELL Health-Safety Rating, WELL Performance Rating, WELL Equity Rating, WELL Coworking Rating, WELL Community Standard, and WELL for Residential—enable organizations to prioritize physical and mental well-being. Through WELL at Scale, these strategies are implemented across entire portfolios or organizations, impacting over 6 billion square feet across nearly 100,000 locations in more than 140 countries, benefiting over 30 million people worldwide, with participation from more than 180 Global and Fortune 500 companies.