S2 Capital acquires five-property multifamily portfolio in Florida
S2 Capital has secured $53.6m in bridge financing for the acquisition of a five-property multifamily portfolio. Located in Jacksonville, Florida, the 1,104-unit garden style assemblage was constructed in the 1960s. Each property is located near major thoroughfares, providing quick access to the central business district, major employers, shopping centers and local grocery chains. S2 plans to complete an extensive value-add program for each property in the portfolio, including improvements to common amenities, significant interior upgrades, and rebranding. Walker & Dunlop arranged the financing on behalf of the borrower.
“Value-add properties continue to prove a prudent investment across the country. The multifamily housing industry is enjoying a strong period of growth and activity thanks to favorable economic conditions, job growth, and rising population in many markets,” said Scott Everett, principal at S2 Capital.