Tara Oberthier

Dallas, TX, May 1, 2025 – S2 Capital (“S2”), a national vertically integrated multifamily investment manager, today announced the acquisition of Amberly Place, a 1989-vintage, 770-unit, garden-style multifamily apartment community in the Tampa, Florida market. With this transaction, S2 has now acquired over 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 current value-add strategy, along with two institutional co-investors, including an overseas group based in London.

Michael Bippus, Managing Director of Acquisitions, said, “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 so squarely in our wheelhouse.”

Amberly Place is located in the Northeast quadrant of the master-planned Tampa Palms community. S2 will undertake comprehensive interior renovations to bring the property’s original apartments up to the design scope and standards of those units that have already been upgraded. The firm intends to make additional enhancements to interior and exterior amenity spaces and targeted capital improvements to address deferred exterior capex items.

The surrounding area is expected to experience strong projected population growth in the coming years. With high market demand and no new nearby supply expected over the next 24 months, S2 anticipates its proven value-add strategy and operating platform will enable the firm to execute on its business plan to reposition the asset and improve operating efficiencies successfully.

About S2 Capital

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 50,000 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.

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