S2 Acquires “Vintage” 770-Unit Tampa Apartment Property

S2 Capital paid $97 million for Amberly Place, a 1989-vintage, 770-unit, garden-style multifamily apartment community in Tampa. The seller, Providence Real Estate, last paid $63.4 million for the property in 2013.

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 fund, S2 Real Estate Fund II, along with two institutional co-investors.

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.