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Teague

Boat and Shore House

April 6, 2021 by Teague


Boat and Shore House

S2 Capital acquired Boat House and Shore House in June 2017. Boat House and Shore House are two adjacent communities totaling 1103 units in Jacksonville, FL.

  • In June 2017, S2 Capital acquired off-market a 1,103-unit community in Jacksonville, FL.
  • Shore House has achieved 22% rent growth while renovating 52% of the units.

Business Plan & Execution

Boat House and Shore House are adjacent two-story garden style multifamily communities originally built in 1972/1973.

S2 amassed a significant presence in Florida, acquiring 5,000+ total units in Jacksonville and Orlando. Boat House and Shore House served as a continuation of S2’s push into the diverse and rapidly expanding Florida market.

S2 originally acquired the property in June 2017 and budgeted to spend approximately $12,000 per unit in renovation costs. S2 completely revamped the exteriors, implementing a new paint scheme, landscaping, and facades in addition to interior renovations.

The Jacksonville labor force grew nearly three times faster than the national average resulting in organic rent growth. S2 realized successful 22% rent increases from $572 to $700 at the time of sale. Furthermore, S2 believed the property maintained unrealized value, thus recapitalizing the deal in January of 2019.  

Boat and Shore House

S2 Capital acquired Boat House and Shore House in June 2017. Boat House and Shore House are two adjacent communities totaling 1103 units in Jacksonville, FL.

  • In June 2017, S2 Capital acquired off-market a 1,103-unit community in Jacksonville, FL.
  • Shore House has achieved 22% rent growth while renovating 52% of the units.

Boat House and Shore House are adjacent two-story garden style multifamily communities originally built in 1972/1973.

S2 amassed a significant presence in Florida, acquiring 5,000+ total units in Jacksonville and Orlando. Boat House and Shore House served as a continuation of S2’s push into the diverse and rapidly expanding Florida market.

S2 originally acquired the property in June 2017 and budgeted to spend approximately $12,000 per unit in renovation costs. S2 completely revamped the exteriors, implementing a new paint scheme, landscaping, and facades in addition to interior renovations.

The Jacksonville labor force grew nearly three times faster than the national average resulting in organic rent growth. S2 realized successful 22% rent increases from $572 to $700 at the time of sale. Furthermore, S2 believed the property maintained unrealized value, thus recapitalizing the deal in January of 2019.  

Boat House & Shore House

S2 Capital acquired Boat House and Shore House in June 2017. Boat House and Shore House are two adjacent communities totaling 1103 units in Jacksonville, FL.


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Business Plan & Execution


Boat House and Shore House are adjacent two-story garden style multifamily communities originally built in 1972/1973.

S2 amassed a significant presence in Florida, acquiring 5,000+ total units in Jacksonville and Orlando. Boat House and Shore House served as a continuation of S2’s push into the diverse and rapidly expanding Florida market.

S2 originally acquired the property in June 2017 and budgeted to spend approximately $12,000 per unit in renovation costs. S2 completely revamped the exteriors, implementing a new paint scheme, landscaping, and facades in addition to interior renovations.

The Jacksonville labor force grew nearly three times faster than the national average resulting in organic rent growth.

S2 realized successful 22% rent increases from $572 to $700 at the time of sale. Furthermore, S2 believed the property maintained unrealized value, thus recapitalizing the deal in January of 2019.  


Before



After




Key Metrics

(From June 2017 – January 2019)


Capitalization

$67,873,469

Total Equity

$17,492,469

Renovation Budget

$13,007,780

Year Built

1972/1973

Total Units

1103

Average Sqft/Unit

715 sqft

Units Renovated

52%

Starting Rent

$572

Ending Rent

$700

Rent Increase

$128

Hold Period

19 months



More Case Studies


The Muse

The Landing at East Mil

The Dryden

Filed Under: case-studies

The Hangar

April 5, 2021 by Teague


The Hangar

S2 Capital acquired The Hangar in May 2017. The Hangar is a 268-unit community in Cedar Hill, TX.


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Business Plan & Execution


Previously known as High Point Village, this two-story garden multifamily community was originally constructed in 1978.

The thesis for this investment was an opportunity to purchase a well-located, poorly managed, underperforming property at an attractive price per unit.

With help from S2’s affiliate, S2 Construction, S2 spent about $17k per unit renovating the property and converting it from a Class “C” to Class “B” asset.

Interior renovations included all new flooring, countertops, appliances, paint, and fixtures.

Exterior renovations were focused on existing amenities, adding an outdoor living area, dog park, and rebranding the property.

S2 originally acquired the project at only 40% occupancy but believed with help from its vertically integrated management company, they could quickly stabilize and increase NOI.

By time of sale, The Hangar was at 97% occupancy and S2 had successfully increased rents 44% from $705 to $1,018 while renovating 87% of units at the property.


Before



After




Key Metrics


Capitalization

$17,463,124

Total Equity

$5,062,831

Renovation Budget

$4,514,219

Year Built

1978

Total Units

268

Average Sqft/Unit

940 sqft

Units Renovated

87%

Starting Rent

$705

Ending Rent

$1,018

Rent Increase

$313

Hold Period

45 months



More Case Studies


The Muse

The Landing at East Mil

The Dryden

Filed Under: case-studies

The Hudson

April 5, 2021 by Teague


The Hudson

S2 Capital acquired The Hudson in October 2015. The Hudson is a 660-unit community in Arlington, TX.


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Business Plan & Execution


The Hudson is a two-story garden style multifamily community originally built in 1984.

The Hudson served as S2’s 12th value add deal, furthering the firm’s economies of scale in the Dallas-Fort Worth Market.

S2 originally acquired the property in October 2015 and budgeted to spend approximately $12,500 per unit in renovation costs.

S2 implemented numerous exterior improvements, including new paint, improved landscaping, Trex composite patio railing, brand-new interiors in the clubhouse and the resident lounge, and a redesigned pool area.

S2 realized successful rent increases of 23%, from $733 to $905 at the time of sale. Furthermore, S2 believed the property maintained unrealized value, thus recapitalized the deal in September of 2017 and once again in December of 2020.


Before



After




Key Metrics


Capitalization

$59,214,963

Total Equity

$13,114,963

Renovation Budget

$8,224,465

Year Built

1984

Total Units

660

Average Sqft/Unit

841 sqft

Units Renovated

58%

Starting Rent

$733

Ending Rent

$905

Rent Increase

$172

Hold Period

 23 months



More Case Studies


The Muse

The Landing at East Mil

The Dryden

Filed Under: case-studies

S2 CAPITAL BUYS CHARLOTTE COMMUNITY FOR $19M

December 22, 2020 by Teague

The new ownership’s $3 million rebranding plan will include interior and exterior upgrades of the 176-unit community.

Filed Under: news

S2 BUYS A 30 YEAR OLD APARTMENT COMPLEX

December 15, 2020 by Teague

Sold: Price tag jumps 136% for Raleigh apartments near Crabtree Mall

Filed Under: news

S2 CAPITAL PAY $55 MILLION FOR APARTMENTS IN PHOENIX’S GLENDALE SUBURB

November 13, 2020 by Teague

Texas Multifamily Investor Pays 27% Below Market Average for Eagle Crest

Filed Under: news

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