The Rise and Fall of a Multifamily Syndicator

The multifamily syndicator boom promised everyday investors a piece of the real estate gold rush. Then interest rates rose — and some of the biggest players began to unravel.

This week on Deconstruct, The Real Deal’s Texas Bureau Chief Jess Hardin joins Hannah Kramer and Lilah Burke to explain the rise and fall of S2 Capital and its founder, Scott Everett. Once one of the fastest-growing private companies in the country, S2 amassed a massive apartment portfolio as Everett became one of the most recognizable figures of the real estate syndication boom.

Now, investors have seen equity wiped out, properties have faced foreclosure and S2 has pursued a series of increasingly complicated strategies to keep parts of its portfolio alive. Jess takes us inside the financial fallout — and describes what she found when she visited an S2 apartment complex in Dallas.

Plus, Hannah and Lilah discuss the still-unopened Chobani House in Manhattan, the Ritz-Carlton residences coming to Brooklyn Heights, the Trump Organization’s latest international branding deal and the approaching sentencing of the Alexander brothers.