S2 Capital
S2 Capital Real Estate Investing
S2 Capital has acquired a five-property, 1,768-unit distressed portfolio with communities in the Dallas, Knoxville and Nashville, Tenn., markets. The transaction was sourced off-market and focused on properties that were facing foreclosure.
Dallas, TX, January 7, 2025 – S2 Capital (“S2”), a national vertically integrated multifamily investment manager, today announced the acquisition of a distressed multifamily portfolio consisting of five properties facing foreclosure in Dallas, TX, and Nashville and Knoxville, TN. S2 invested $60 million of rescue capital in a new joint venture with the existing Limited Partner through a structured preferred equity investment and secured a new 5-year $170 million senior loan through ACORE Capital. S2 will take over as the general partner with full operational control across property, asset, and construction management plus major decision rights to protect the preferred equity investment. The transaction was sourced off-market.
The five properties are located in markets with growing demand for multifamily housing and limited new supply
Ryan Everett, Managing Director, Head of Acquisitions of S2 Capital, said, “This transaction is a great representation of how S2 is taking advantage of targeted distress in today’s market. Our vertically integrated operating platform, in tandem with our discretionary capital, positioned us as the preferred partner to step in as the new GP and programmatically address the in place operating issues through the implementation of a new business plan.
“This investment allows us to expand our geographic footprint to Tennessee, where we have planned to invest in the Nashville and Knoxville markets for several years. Our internal data analytics platform projects Southeast Nashville to be a top quartile submarket for investment, given the continued year-over-year demand growth of 11% while supply and permits have plummeted by 80% to less than 2.5% of inventory, coupled with expected strong household formation and in-migration.”
About S2
Founded in 2012, S2 is a Dallas-based multifamily investment platform specializing in value add and core-plus investments. With approximately $11 billion in transaction volume, S2 has acquired over 49,000 units through 145 acquisitions across high-growth domestic markets. S2 is currently targeting opportunities in Texas, Arizona, Colorado, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia, where job and population growth is expected to outpace the national average and contribute to significant renter demand. S2 is a vertically integrated multifamily investment platform with various commingled value-add, closed-end vehicles and one core-plus, open-ended vehicle with skilled teams in acquisitions, construction, operations, asset management, and capital formation working closely together to execute the firm’s business plan. For more information, visit www.s2cp.com.
Media Contacts
media@s2cp.com
The firm also welcomes one new Managing Director
Dallas, TX, December 11, 2024 – S2 Capital (“S2”), a vertically integrated multifamily investment manager, announced the promotion of eight professionals to senior positions and a new hire. Underscoring the firm’s continued growth and expansion, most of these promotions are for individuals in offices across the United States.
Scott Everett, CEO of S2 Capital, said, “It is my pleasure to announce these five well-deserved promotions to Managing Director and to welcome a new Managing Director. They are proven, dynamic leaders with a demonstrated record of excellence and commitment to the success of S2 and our investors. I also want to recognize our newly promoted Vice Presidents for their success and their new roles in S2’s acquisitions and asset management operations.”
The promotions and new appointment are as follows:
Managing Director & Head of Acquisitions – Ryan Everett – Dallas, TX
Managing Director, Acquisitions – Michael Bippus – Atlanta, GA
Managing Director & Head of Capital Formation & IR – Patrick Connell – Greenwich, CT
Managing Director, Head of Asset Management – Cole Stephens – Dallas, TX
Managing Director, Accounting – Dilliana Stewart – Dallas, TX (new hire)
Managing Director, Portfolio Management – Jared Everett – Dallas, TX
Vice President, Asset Management – Brooks Teeter – Dallas, TX
Vice President, Acquisitions – Cole Ortega – Denver, CO
Vice President, Acquisitions – Will Foster – Charlotte, NC
About S2
Founded in 2012, S2 is a Dallas-based multifamily investment platform specializing in value-add and core-plus investments. With approximately $10 billion in transaction volume, S2 has acquired over 48,000 units through 140 acquisitions across high-growth domestic markets. S2 is currently targeting opportunities in Texas, Arizona, Colorado, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia, where job and population growth is expected to outpace the national average and contribute to significant renter demand. S2 is a vertically integrated multifamily investment platform investing through its series of commingled value-add, closed-end vehicles and one core-plus, open-ended vehicle with skilled teams in acquisitions, construction, operations, asset management, and capital formation working closely together to execute the firm’s business plan. For more information, visit www.s2cp.com.
Media Contacts
media@s2cp.com
The 618-unit purchase marks $500M of acquisitions in the past 12 months
Dallas, TX, November 11, 2024 – S2 Capital (“S2”), a national vertically integrated multifamily investment manager, today announced its acquisition of ‘The Landing at Pleasantdale’ (“Pleasantdale”). The property comprises 618 garden-style apartments in 72 buildings in an attractive, tree-filled, gated community on over 75 acres. Built in 1985, Pleasantdale is located at 3497 Meadowglenn Village Lane in Doraville, GA, a northeast Atlanta suburb. It was acquired through CBRE in an off-market direct transaction. Other terms of the transaction were not disclosed.
“Leveraging ALVA, our internal Data & Analytics platform, S2 has built conviction in the NE Atlanta submarkets,” said Scott Everett, CEO of S2 Capital. “Data suggests an inversion of the supply-demand imbalance, leading to significant positive absorption for Atlanta in conjunction with the first positive YoY occupancy gain in Q324 since Q122. Additionally, current effective rents sit $280 below comparable market properties, having witnessed a -12% drop in rents onsite YoY while surrounding comps have increased +1%, giving S2 conviction in their ability to execute their value-add business plan and deliver a superior living experience to tenants.”
Michael Bippus, VP of Acquisitions at S2 Capital, said, “We have invested in more than 1,400 units in four properties in northeast Atlanta within five miles of Pleasantdale, and a fifth property nine miles northwest in Sandy Springs, and continue to seek opportunities to build our portfolio to increase our operational economies of scale. We will complete a value-add renovation program at Pleasantdale that has proven successful for the other assets in our portfolio.”
Pleasantdale is convenient to I-85 and is a 30-minute drive to Atlanta. Doraville also has train service to both Atlanta and the Hartsfield-Jackson International Airport, about 25 miles southwest. Close by Doraville are top universities, including Emory University and Georgia State University, and employers such as Delta Air Lines, Amazon, Primerica, Americold, KIA Motors and Northside Hospital. The expansion of industrial parks along I-85 is expected to fuel job creation, with projections the region could see an increase of over 50,000 new logistics and transportation jobs in the next decade.
The spacious residences at Pleasantdale offer one, two and three-bedroom options, up to 1,543 square feet, with vaulted ceilings and washer/dryer connections. The apartments also include a private patio or balcony, fireplace, large closets and extra storage. Exterior amenities include a unique covered recreational dome, soccer field, pool, fitness center and dog park. Peachtree Creek runs adjacent to the property, and within a short distance is Murphey Chandler Park and Brook Run Park. Pleasantdale is also surrounded by a variety of retail, dining, and entertainment choices in Chamblee, Brookhaven, and Perimeter Mall.
Approximately 10% of the units at Pleasantdale have been fully renovated, and S2 plans to renovate the remaining 90% of classic units to compete with comparable renovated properties in the submarket, and to provide residents with a superior living experience. Interior renovations will include stainless steel appliances, granite countertops, upgraded lighting and new flooring. Exterior renovation plans will feature extensive upgrades across the property.
About S2
Founded in 2012, S2 is a Dallas-based national multifamily investment platform specializing in value-add, opportunistic, and distressed investments. With approximately $10 billion in transaction volume, S2 has acquired over 48,000 units through 140 acquisitions across high-growth domestic markets. S2 is currently targeting opportunities in Texas, Arizona, Colorado, Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia, where job and population growth is expected to outpace the national average and contribute to significant renter demand. S2 is a vertically integrated multifamily investment platform investing through its series of commingled closed-end vehicles with skilled teams in acquisitions, capital formation, construction, asset management and operations working closely together to execute the firm’s business plan. For more information, visit www.s2cp.com.
Media Contacts
media@s2cp.com
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S2 Capital has acquired The Landing at Pleasantdale, a 618-unit garden-style community in the northeast Atlanta suburb Doraville, Ga. The property totals 72 buildings and is located on more than 75 acres.
Located at 3497 Meadowglenn Village Lane, the tree-filled, gated community was completed in 1985. It was acquired through CBRE in an off-market direct transaction.
