S2 Capital Launches Development Platform to Capitalize on Emerging Sunbelt Supply Gap

Carl Starry Named President, Development

DALLAS, May 26, 2026 /PRNewswire/ -- With multifamily construction starts across the Sunbelt trending toward post-Global Financial Crisis lows, S2 Capital ("S2") is launching a new development platform focused on multifamily and industrial projects across major Sunbelt markets — a strategic expansion the firm believes positions it to deliver into a multi-year supply shortage.

The Dallas-based real estate investment manager, which has transacted more than $13 billion in total capitalization, acquired over 51,000 units nationwide, and has more than 8 million square feet of industrial assets under management, has named veteran development executive Carl Starry as President, Development to lead the new business vertical.

S2 believes the combination of declining new supply, sustained population growth, and long-term demand fundamentals across the Sunbelt has created a rare window for disciplined ground-up development over the next five to seven years.

"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."

Starry brings more than 20 years of multifamily development experience to S2. He joins from Leon Multifamily, whereas Executive Managing Director he expanded and led the firm's development operations, delivering 24 projects totaling more than $1.4 billion in capital investment across Texas, Arizona, and the Carolinas with a team of 14 development professionals operating in four markets.

Earlier in his career, he 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, and his projects have received multiple NAHB Pillars and Multifamily Executive awards.

"S2's track record, infrastructure, and conviction in the Sunbelt make this an exceptional platform to build on," said Starry. "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."

Starry will report to Everett and is based at S2'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.

About S2 Capital
Founded in 2012, S2 Capital is a Dallas-based real estate investment manager specializing in residential and industrial investments across opportunistic, value-add, credit, and core-plus strategies. Since inception, S2 has acquired more than 51,000 units nationwide, transacted over $13 billion in total capitalization, and has more than 8 million square feet of industrial assets under management. The firm operates through a fully integrated platform spanning acquisitions, development, capital formation, construction, asset management, and property management.

For more information, visit www.s2cp.com.

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SOURCE S2 Capital LLC