S2 Capital has acquired Amberly Place, a 1989-vintage, 770-unit, garden-style multifamily apartment community in Tampa, Fla. With this transaction, S2 has now acquired more than 50,000 units since inception in 2012. Terms of the transaction were not disclosed.
The property was acquired off-market through a deal arranged by Shelton Granade of commercial real estate brokerage firm Institutional Property Advisors (IPA). IPA’s Harry Krieger assisted S2 in securing Freddie Mac financing. S2 acquired the asset on behalf of its value-added fund, S2 Real Estate Fund II, along with two institutional co-investors, including an overseas group based in London.
“We are excited to add to our activity in Florida with this terrific asset in a top growth market for us. The equity void for large value-add housing acquisitions has created a unique pricing opportunity for GPs with discretionary capital and deep lending relationships, and we are delighted to acquire an asset that fits
