press releases

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

South Lakewood property marks firm’s expansion into Colorado

Dallas, TX, September 9, 2024 – S2 Capital (“S2”), a national vertically integrated multifamily investment manager, today announced the acquisition of Dartmouth Woods, a 201-unit, garden-style multifamily apartment community built in 1990 and located in South Lakewood, one of the most attractive submarkets of Denver, CO. Terms of the transaction were not disclosed.

Dartmouth Woods is located at 10025 W. Dartmouth Avenue in Lakewood. The property consists of modern two- and three-story buildings in an area of robust demographics with an average household income of $107,000, a median home price of $585,000 and highly-rated schools. S2 plans interior renovations that will include stainless steel appliances, modern lighting, new flooring and updated cabinets along with extensive renovations to the exterior and amenities to provide residents an enhanced living experience.

Ryan Everett, Vice President of Acquisitions at S2 Capital, said, “We have been evaluating potential transactions in the Denver market for two years and are very excited to be making our first investment in the area. Including the Dartmouth Woods transaction, S2 has acquired 1,865 units across Texas, North Carolina, Florida and now Colorado over the last 12 months. This represents $300+ million of total acquisitions the past 12 months, positioning the firm as a top-25 buyer of multifamily in Sunbelt markets.”

“Our conviction remains strong that multifamily has become attractively repriced in the short term due to excessive leverage in the system and pressure from interest rates on property cash flows, but the long-term outlook for housing in our target markets remains a compelling investment thesis at these prices for well capitalized investors,” added Ryan Everett.

S2 believes that the sharp reduction in new construction permits and starts, interest rate cuts signaled by the Federal Reserve, and various levels of stress, present a unique moment for investors with discretionary vehicles who are well-positioned to capitalize on these opportunities.

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 47,000 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

The firm will complete comprehensive, value-add renovations at the suburban Dallas property

Dallas, TX, August 5, 2024 – S2 Capital (“S2”), a national, vertically integrated multifamily investment manager, today announced the acquisition of The Place at Saddle Creek, a 238 unit, two story, multifamily property located in Carrollton, Texas, a prominent Dallas suburb. Terms of the transaction were not disclosed.

“The Place at Saddle Creek is an appealing acquisition for S2, as the property has not experienced a full renovation in over a decade, during which the Dallas-Fort Worth area experienced a significant surge in rent and population growth,” said Ryan Everett, Vice President of Acquisitions at S2. “Our ability to assume the existing fixed rate Freddie Mac loan at a low leverage point, ensures immediate cash flow at the property level. We’re excited to be implementing an extensive renovation plan with value-add updates to the property to improve the overall experience for residents, and provide immediate rental upside.”

Located at 3420 Country Square Dr in Carrollton, residents are adjacent to many lifestyle attractions found in the Village on the Parkway, Addison Circle and Downtown Carrollton, all hubs for shopping and dining, as well as many residential neighborhoods and upscale homes, and an array of excellent public schools. The Place at Saddle Creek is also near a variety of public parks, nature areas and the popular Lewisville Lake, a destination for boating, fishing and outdoor recreation. Beyond the City of Carrollton, residents are connected to the greater Dallas-Fort Worth area through major transportation systems including the Dallas North Tollway and I-635.

Within the property, residents enjoy two private community pools, outdoor grilling stations, a renovated fitness center, tennis and pickleball courts, a business center, dog park and Amazon lockers. The majority of The Place at Saddle Creek’s individual apartment units are in classic condition from the property’s initial construction, while select units feature modern finishes, with quartz countertops, stainless steel appliances, balconies, fireplaces and upgraded flooring.

S2 plans to rebrand the property as ‘Brookbend,’ and the comprehensive renovation plan includes enhancing unit interiors with new granite countertops, upgraded kitchen hardware and bathroom fixtures. Additionally, S2 plans to renovate the building’s exterior and improve the leasing office, gym and pool areas.

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 47,000 units through 137 acquisitions and has successfully invested over $500 million in upgrades and renovations. 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. The firm concentrates its investments in the U.S. Sunbelt, including Arizona, Florida, Georgia, North Carolina, South Carolina, Texas, Tennessee and Virginia, where job and population growth is expected to outpace the national average and contribute to significant renter demand. For more information, visit www.s2cp.com.

Media Contacts
media@s2cp.com

S2 plans to apply its value-add approach at the Jacksonville- and Austin-based properties

Dallas, TX, June 10, 2024 – S2 Capital (“S2”), a national, vertically integrated multifamily investment manager, today announced the acquisitions of two multifamily properties, including Belle Rive Club Apartments in Jacksonville, Florida, and Vineyard Hills in Austin, Texas. Terms of the transactions were not disclosed.

“The Austin and Jacksonville markets continue to demonstrate population and job growth, and combined with the repricing taking place in the multifamily sector, we believe these two properties have attractive risk/reward profiles and are an excellent value,” said Ryan Everett, Vice President of Acquisitions at S2. “We are planning operational improvements and value-add upgrades and renovations to both Vineyard Hills and Belle Rive Club Apartments.”

The 104-unit Belle Rive Club Apartments at 8715 Belle Rive Blvd in Jacksonville features one- and two-bedroom layouts, with modern appliances, air conditioning, a combination of hardwood floors and carpet, in-unit washers and dryers and a balcony or patio in select units. Residents also access community amenities including a pool, grilling area, dog park, equipped fitness center, clubhouse, car wash area and access to the nearby inland lakes as part of the Royal Lakes neighborhood. The property sits about ten miles southeast of Downtown Jacksonville, seven miles from the University of North Florida and is also in close proximity to numerous restaurants, The Avenues mall and Interstate-95, Route 152 and Route-115 for convenient connection to adjacent areas.

Spanning over 11-acres in Southwest Austin, Vineyard Hills is located at 7631 U.S. Hwy 290 West Austin with 202 units. The multifamily property offers spacious one-, two- and three-bedroom options, each with walk-in closets, a balcony, detached garages and select units with fireplaces, bay windows and tile floors. Additionally, the property features a pool, heated spa, picnic area with BBQ grills, an on-site laundry facility and a dog park. Surrounding Vineyard Hills, the Southwest Austin area has an array of shopping destinations, parks and schools, and is within 25-minutes from historic Downtown Austin.

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 47,000 units through 137 acquisitions and has successfully invested over $500 million in upgrades and renovations. 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. The firm concentrates its investments in the U.S. Sunbelt, including Arizona, Florida, Georgia, North Carolina, South Carolina, Texas, Tennessee and Virginia, where job and population growth is expected to outpace the national average and contribute to significant renter demand. For more information, visit www.s2cp.com.

Media Contacts
media@s2cp.com

Dallas, TX, March 25, 2024 – S2 Capital (“S2”), a national, vertically integrated multifamily investment manager, today announced the appointment of Michael Bippus as Vice President, Acquisitions for Southeast markets. Mr. Bippus will lead acquisitions for the firm’s multifamily investments in high-growth markets in Tennessee, Virginia, North Carolina, South Carolina, Georgia and Florida. S2 also announced it has hired Will Foster as a Senior Associate to support the Southeast investments team, with a focus on the Tennessee, Virginia, North Carolina and South Carolina markets.

“We’re delighted to have Michael heading up acquisitions for our Southeast expansion,” said Scott Everett, CEO of S2. “His wide-ranging knowledge of nearly every aspect of multifamily investing and extensive regional experience make him a great choice for deepening S2’s footprint in Southeast markets. We also welcome Will, a new Senior Associate, who is a great addition of talent to the Southeast team with deep market knowledge from his years at Eastdil Secured.”

Based in Atlanta, Georgia, with 25 years of investment experience, Mr. Bippus most recently served as Managing Director, Acquisitions for Waypoint Residential. Supporting the firm’s development from a startup to a national real estate investment platform, he led over $2 billion in transaction volume across core plus and value-add multifamily investments. Prior to that, he served as a Vice President, Acquisitions for Harbor Group International and Berkshire Property Advisors. Mr. Bippus holds a Bachelor of Science from the Indiana University Kelley School of Business and a Master of Business Administration from the University of Georgia Terry College of Business.

Mr. Foster is based in Charlotte, North Carolina. He joins S2 with more than four years of transaction experience, which he developed at global real estate investment bank, Eastdil Secured, as an Associate on the Multifamily Team. There, he completed over $3.5 billion in transaction volume, focusing on core, core plus, value-add and opportunistic multifamily deals. Mr. Foster holds of Bachelor of Arts in public policy analysis from the University of North Carolina at Chapel Hill and a Master of Business Administration from the University of Notre Dame.

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 46,000 units through 134 acquisitions and has successfully invested over $500 million in upgrades and renovations. 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. The firm concentrates its investments in the U.S. Sunbelt, including Arizona, Florida, Georgia, North Carolina, South Carolina, Texas, Tennessee and Virginia, where job and population growth is expected to outpace the national average and contribute to significant renter demand. For more information, visit www.s2cp.com.

Media Contacts
media@s2cp.com

Marks the national multifamily investment firm’s fifth investment in this growing city

Dallas, TX, December 14, 2023 – S2 Capital (“S2”), a vertically integrated multifamily investment manager, today announced it has acquired Timber Creek, a 352-unit multifamily property located in Charlotte, North Carolina, and represents S2’s eighth property in the state. Financial terms of the transaction were not disclosed.

Davey Leach, Vice President of Acquisitions at S2, said, “S2’s multifamily investment approach targets high-growth markets across the U.S., and our team is always searching for attractive properties in flourishing cities like Charlotte. We’re pleased to be making our fifth acquisition in Charlotte with Timber Creek, and look forward to enhancing the property while growing our footprint in North Carolina.”

Located at 1100 Falls Creek Lane, Timber Creek sits within the Collingwood neighborhood, six miles southwest of downtown Charlotte. The attractive and expanding Charlotte market has a below-average cost of living, a thriving restaurant and entertainment scene and is a hub for financial services and banking. Charlotte continues to see strong employment growth across industries, with major employers including Amazon, Atrium Health and Bank of America, along with over twelve colleges and universities in and around the metropolitan area. These solid underlying fundamentals and growth trajectory contributed to S2’s acquisition of Timber Creek.

Timber Creek includes studio, one- and two-bedroom floorplans, with finishes such as stainless-steel appliances, large closets, smart thermostats and more. In the property’s community spaces, residents have access to desirable community amenities including an outdoor swimming pool, grilling station, clubhouse and equipped fitness center, a dog park and nature trail, as well as proximity to the Lynx Blue Line light rail system that runs throughout Charlotte.

Following its acquisition of Timber Creek, S2 plans to rebrand the property as The Marley. Additionally, S2 plans to make exterior renovations to the buildings and outdoor amenities, as well as upgrade unit interiors with a competitive set of modern finishes.

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 about 46,000 units through 134 acquisitions and has successfully invested over $500 million in upgrades and renovations. S2 is a vertically integrated multifamily investment platform with skilled teams in acquisitions, capital formation, construction, asset management, and operations working closely together to execute the firm’s business plan. The firm concentrates its investments in the U.S. Sunbelt, including Arizona, Florida, Georgia, North Carolina, and Texas, where job and population growth is expected to outpace the national average and contribute to significant renter demand. For more information, visit www.s2cp.com.

Media Contacts
media@s2cp.com