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.