S2 Capital Expands Portfolio with Acquisition of Amberly Place in Tampa, Florida
S2 Capital Expands Footprint in Tampa with Acquisition of Amberly Place
TAMPA, FL — In a significant move for the multifamily housing market, S2 Capital, a leading national investment manager, has announced the acquisition of Amberly Place, a sprawling 770-unit garden-style apartment community built in 1989. This strategic purchase marks a milestone for S2, bringing its total acquisitions to over 50,000 units since its inception in 2012.
The off-market deal was facilitated by Shelton Granade of Institutional Property Advisors (IPA), with Harry Krieger assisting in securing Freddie Mac financing for the transaction. Although the terms of the deal remain undisclosed, the acquisition was made on behalf of S2’s value-add fund, S2 Real Estate Fund II, alongside two institutional co-investors, including a prominent group based in London.
Michael Bippus, Managing Director of Acquisitions at S2 Capital, expressed enthusiasm about the acquisition, stating, "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."
Amberly Place is strategically located in the Northeast quadrant of the master-planned Tampa Palms community, an area poised for significant population growth in the coming years. With high demand for housing and no new supply expected in the vicinity over the next 24 months, S2 Capital plans to leverage its proven value-add strategy to reposition the asset effectively.
The firm intends to undertake comprehensive interior renovations to modernize the original apartments, aligning them with the upgraded units already on-site. Additionally, S2 will enhance both interior and exterior amenity spaces while addressing deferred capital expenditure items to improve the overall living experience for residents.
As the Tampa market continues to thrive, S2 Capital’s acquisition of Amberly Place not only underscores its commitment to expanding its portfolio but also highlights the growing demand for quality multifamily housing in one of Florida’s most dynamic regions.
For more information on S2 Capital and its latest endeavors, visit [S2 Capital](https://www.multifamilybiz.com/search/index?type=2&page=1¤tFilter=S2 Capital).