S2 Capital Launches Multifamily and Industrial Development Platform in Sunbelt, Names Carl Starry as President

DALLAS — May 18, 2026 — S2 Capital, a Dallas-based real estate investment manager, announced the launch of a new development platform targeting multifamily and industrial real estate projects across major Sunbelt markets. The firm named Carl Starry as President, Development to lead the initiative, which S2 Capital says is designed to capitalize on what it describes as an emerging multi-year supply shortage in the region.

The firm has transacted more than $13 billion in total capitalization, acquired more than 51,000 units nationwide, and has more than 8 million square feet of industrial assets under management.

A Countercyclical Bet on Sunbelt Supply Dynamics

S2 Capital said multifamily construction starts across the Sunbelt are trending toward post-Global Financial Crisis lows, a condition the firm believes creates a rare window for disciplined ground-up development over the next five to seven years. The firm cited declining new supply, sustained population growth, and long-term demand fundamentals as the basis for its development thesis.

Challenging financing conditions, the firm noted, are further muting near-term supply pressures — a dynamic that S2 Capital believes advantages well-capitalized sponsors with established lending relationships.

"We believe this is one of the most compelling development environments we've seen in the last decade," said Scott Everett, Founder and CEO of S2 Capital. "Starts have collapsed, demand fundamentals across the Sunbelt remain intact, and deliveries three years from now will be scarce. Financing remains challenging further muting supply pressures in the near term, and we think developers with the right industry experience, capital relationships, and balance sheet to go vertical today will be rewarded. Carl is the right leader to build it — he has done it before, at scale, and he understands how a platform should be put together from day one."

Carl Starry Brings More Than Two Decades of Multifamily Development Experience

Carl Starry joins S2 Capital from Leon Multifamily, where he served as Executive Managing Director and led the firm's development operations. In that role, he delivered 24 projects totaling more than $1.4 billion in capital investment across Texas, Arizona, and the Carolinas, managing a team of 14 development professionals operating across four markets.

Earlier in his career, Starry served as Managing Director, North Texas, for Trammell Crow Residential, where his portfolio earned the Dallas Business Journal's Real Estate Deal of the Year and a National Association of Home Builders Pillars award for Best Garden Apartment Community. Across his career, Starry has been involved in the development of more than 11,800 units with an investment value exceeding $4.1 billion. His projects have received multiple NAHB Pillars and Multifamily Executive awards.

Starry will report to Everett and will be based at S2 Capital's Dallas headquarters. He will lead the buildout of a development team to support project execution across the firm's Sunbelt footprint. The executive search was facilitated by James Wilson of MHW Search.

"S2's track record, infrastructure, and conviction in the Sunbelt make this an exceptional platform to build on," Starry said. "Scott and the team have spent more than a decade developing an operating and analytical edge in these markets, and that foundation gives us a real competitive advantage as we move into ground-up development. I'm excited to assemble a team that will deliver projects worthy of that foundation."

Industrial Real Estate Alongside Multifamily

The new development platform will span both multifamily and industrial real estate, consistent with S2 Capital's existing portfolio composition. The firm currently manages more than 8 million square feet of industrial assets.

Platform Expansion Signals Broader Strategic Shift

The launch of the development vertical represents an expansion for S2 Capital, which was founded in 2012 and has built its platform around acquisitions, value-add, opportunistic, credit, and core-plus strategies. The firm now describes itself as operating through a fully integrated platform spanning acquisitions, development, capital formation, construction, asset management, and property management.

S2 Capital is headquartered in Dallas. More information is available at s2cp.com.

Sources: S2 Capital, May 18, 2026