News Summary
S2 Capital has acquired Amberly Place, a 770-unit multifamily community in Tampa, marking a key milestone with over 50,000 units in its portfolio. The acquisition involves strategic renovations and upgrades to enhance living standards and attract new residents, supported by Freddie Mac financing. With anticipated population growth in Tampa, S2 Capital aims to capitalize on the demand for housing.
Tampa, Florida – S2 Capital has successfully acquired the Amberly Place, a 770-unit garden-style multifamily apartment community located in Tampa. This acquisition marks a significant milestone for the firm, bringing its total portfolio to over 50,000 units since its founding in 2012.
The Amberly Place property, constructed in 1989, is situated within the Northeast quadrant of the master-planned Tampa Palms community. The acquisition was negotiated off-market, facilitated by Shelton Granade from Institutional Property Advisors (IPA). Harry Krieger from IPA aided S2 in securing Freddie Mac financing for the purchase.
S2 Capital acquired Amberly Place on behalf of its value-add fund, the S2 Real Estate Fund II. The acquisition included participation from two institutional co-investors, one of which is based in London. This strategic involvement from co-investors highlights the confidence in the property’s growth potential and the current market dynamics.
As part of its operational strategy, S2 plans to implement extensive interior renovations on the original apartments to align them with the standards of the upgraded units. The company also intends to enhance both the interior and exterior amenity spaces, alongside making targeted capital improvements to address previously deferred exterior expenditures. These upgrades are expected to improve the overall living experience for residents and attract potential tenants in a competitive market.
Analysts project strong population growth in the Tampa area in the coming years. S2 anticipates that the high demand for housing, combined with a lack of new supply in the vicinity over the next 24 months, will support its value-add strategy for Amberly Place.
Michael Bippus, the Managing Director of Acquisitions at S2 Capital, conveyed enthusiasm about this acquisition, noting the advantageous market conditions. With a robust track record of approximately $11 billion in transaction volume and 145 acquisitions, S2 Capital aims to expand its footprint in growth markets beyond Florida, including regions in Texas, Arizona, Colorado, Georgia, North Carolina, South Carolina, Tennessee, and Virginia.
The acquisition of Amberly Place is particularly noteworthy in light of the current equity void for large value-add housing acquisitions in the market, which presents unique pricing opportunities for investors. The strategic focus of S2 Capital aligns with market trends, allowing the firm to identify and capture significant investment opportunities.
Since its establishment, S2 Capital has positioned itself as a leader in the multifamily investment sector, focusing on properties that offer potential for value enhancement through meticulous renovations and upgrades. The firm’s experience and market insights continue to drive its successful investment strategy, as reflected in its recent acquisition of Amberly Place.
As the multifamily housing market continues to evolve, S2 Capital remains committed to leveraging its expertise and relationships to identify promising investment opportunities that align with its long-term growth objectives. The acquisition of Amberly Place not only expands S2’s portfolio but also underscores its commitment to enhancing community living standards in key growth markets like Tampa, Florida.
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HERE Resources
S2 Capital Acquires Amberly Place Apartment Complex in Tampa
Additional Resources
- YieldPro: Amberly Place Acquisition
- Wikipedia: Tampa
- Business Observer: Investment Firm Benchmark
- Google Search: S2 Capital
- YieldPro: The Grand at Riverside
- Google Scholar: Multifamily Investment
- CoStar: Amberly Place Apartments Sell for $634M
- Encyclopedia Britannica: Real Estate Investment
- YieldPro: The Hopewell Chapter
- Google News: Real Estate Market Tampa
