CHICAGO, IL – S2 Capital, a national vertically integrated real estate investment manager, announced the acquisition of Ovaltine Apartments, a 344-unit garden and loft-style multifamily community located in Villa Park, Illinois, a western suburb of Chicago, marking the firm’s first investment in the greater Chicago area. Terms of the transaction were not told.
The acquisition represents a strategic expansion for S2 into a new major U.S. market following several years of evaluation and underwriting across the Chicago region. The property was bought through a highly competitive marketing process led by the JLL Investment Sales team and aligns with S2’s value-add investment strategy.
Originally converted from the historic Ovaltine Chocolate Factory in 2001, Ovaltine Apartments is a generational landmark asset featuring distinctive loft-style layouts, 9- to 15-foot ceiling heights, and unique architectural character rarely found in suburban Chicago. The community is located in DuPage County, a supply-constrained submarket with no new multifamily units currently under construction within a three-mile radius and strong recent rent growth.
“All markets are not made equal, and our entry into Chicago reflects years of disciplined research and conviction around long-term fundamentals,” said Cole Stephens, Managing Director of Asset Management, Residential at S2 Capital. “Ovaltine offers a compelling combination of historical character, durable demand drivers, and value creation potential, making it an exciting first investment for S2 in the Chicago market and a strong addition to our portfolio.”
The property has demonstrated exceptional recent performance, maintaining average occupancy above 95% since January 2024 while consistently outperforming comparable properties in rent growth. Approximately 98% of units remain unrenovated or only partially upgraded, providing S2 with the opportunity to do a comprehensive renovation program aimed at driving rental growth and enhancing resident experience.
S2 bought the asset through its fully discretionary closed-end fund, S2 Real Estate Fund II. The firm plans to leverage its vertically integrated operating platform to implement interior renovations, targeted capital improvements, and operational efficiencies over the investment horizon.

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NASHVILLE, TN – National multifamily developer Wood Partners has officially closed on Alta Beacon in Nashville, Tennessee. The 328-unit, wrap-style multifamily community will break ground this month and is slated to deliver first units in Q2 of 2026.
Located on the edge of the Wedgewood-Houston neighborhood, just a few blocks south of downtown, Alta Beacon offers residents convenient access to one of Nashville’s fastest-evolving neighborhoods. The area is seeing the arrival of ultra-luxury brands such as Hermès and Brunello Cucinelli, positioning Wedgewood-Houston as a growing destination for dining, retail and culture.
“Nashville’s multifamily market continues to show strong demand, and Alta Beacon allows us to deliver a thoughtfully designed, amenity-rich community that meets the needs of today’s renters,” said Andrew Steffens, Managing Director at Wood Partners. “We’re looking forward to starting construction in the midst of the neighborhood’s explosive growth and at a time when other comparable projects are stalling. I can’t express how proud I am of our local team for continuing to pursue and do on exceptional investment opportunities.”
Situated upon a 60-foot bluff, the 5-tale community will feature a mix of studio, one- and two-bedroom apartment layouts. Future residents can delight in protected high-rise quality views, a clubhouse, a fitness area, a resort-style pool, an indoor sky deck with a large exterior deck, dog yards, a pet spa and gate-protected structured parking.
Upon completion, Wood Partners will have delivered more than 3,500 units across Nashville. Earlier this year, the firm broke ground on Alta Gallatin, a 372-unit multifamily community situated on 35 acres. That project will include a commercial component at the entrance, along with a clubhouse, fitness center, business hub, pool, dog park, amenity lawn and for-rent detached garages.

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BOSTON, MA – International real estate business Pembroke has announced the acquisition of Proto in Kendall Square in Cambridge, MA. A vibrant property since opening in 2018, Proto s 280 units are currently 95% occupied. The property is situated in the epicenter of technology, life science and academia and offers residents amenities that improve the quality of life—community spaces for entertaining or work, onsite concierge, a landscaped terrace, fitness center, pet spa and expansive bike storage. Sustainability features include LEED gold certification, EV parking and all electric energy star appliances in units.
This decade is one when we ve seen the global real estate market profoundly change—people want more from the places where they live and work, and they want ease in transitioning between these places. We re diversifying our portfolio to complement our office and mixed-use properties in leading metropolitan markets by investing in residential assets in the same locations, said Edward Johnson, President of Pembroke. Proto is our fifth residential acquisition in two years, and it s particularly meaningful to us, because it s not only our first acquisition in the Boston-area since launching our diversification strategy, but Boston also is the city where Pembroke started twenty-eight years ago.
Pembroke continues to focus on diversifying its portfolio and is sourcing more development and operating multifamily opportunities across North America, Europe and Asia Pacific. We continue to focus on identifying the attractive opportunities in our target markets, be it high-quality existing assets or ground-up developments, and are in a unique position to close deals expediently, said Jack Clark, Senior Vice President and Head of Investments at Pembroke. We look forward to uncovering what opportunities 2026 will bring.
The Boston area has been a focal point not only for Pembroke s investment team but also the development and design teams, as they transform the former Seaport World Trade Center into Commonwealth Pier. Opening in 2026, Pembroke is revitalizing Commonwealth Pier to make a new waterfront destination with a mix of restaurants and retail, new public spaces connecting Boston Harbor with the dynamic Seaport neighborhood and programming welcoming people from across Boston and beyond all four seasons. Commonwealth Pier also will be a new home for Fidelity Investments and the Museum of American Finance, an affiliate of the Smithsonian Institute which will welcome the public to its exhibits and programming free of charge, advancing its mission to make financial literacy accessible to all.
Like many Bostonians, I have known this iconic, waterfront property through very different functional evolutions. Originally a series of industrial warehouses, we ve preserved notable historic features while modernizing the building to give it a human scale and infusing it with next-generation technology that meets the needs of today s users, Johnson said. We literally cut out parts of this massive property to make spaces that encourage connections for the public and the building occupants. There s a flow that runs through this property that will inspire exploration.
Also in 2025, Pembroke bought multifamily development sites in Munich and Melbourne. Alramstrasse 14 is a 16,500 sqm property in southwest Munich just four kilometers from Munich City Centre which Pembroke will transform into a complex with high quality rental apartments complemented by community features, green spaces and retail. 155 Johnston Street is located in Melbourne s trending suburb, Fitzroy, less than two kilometers from Melbourne s Central Business District (CBD) where Pembroke is plotting a multi-use complex with contemporary rental apartments with a wide range of lifestyle benefits. Pembroke launched its ambitious global diversification strategy two years ago with the buy of two operating assets: The Lark in London in December 2023 and Fitzroy in Arlington, VA outside Washington DC in December 2024. Pembroke has offices in these cities and will rely on its distinctive approach leveraging both global expertise and local knowledge to advance its work as a multifamily investor, developer and asset manager.
Pembroke s Boston portfolio also includes the office towers Seaport East and West at Commonwealth Pier, 255 State Street and 245 Summer Street.

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