S2 Capital Buys 2 Communities Totaling 300-Plus Units

The assets are located in a pair of southern cities.

The community at 8715 Belle Rive Blvd in Jacksonville, Fla.
Belle Rive Club Apartments features 16 two-story buildings with one- and two-bedroom floorplans. Image courtesy of Yardi Matrix

S2 Capital has acquired a two-property ensemble comprising the 104-unit Belle Rive Club Apartments in Jacksonville, Fla., along with the 202-unit Vineyard Hills in Austin, Texas. Main Street Residential previously owned the Jacksonville community, while a private investor sold the Austin property, Yardi Matrix information shows.

Belle Rive Club Apartments’ previous sale was in March 2021, when Main Street acquired it from KRI Properties for $13.1 million, according to the same source. Encompassing 16 two-story buildings, the 1990-completed community features one- and two-bedroom floorplans, ranging between 750 and 915 square feet.

Amenities at the almost 6-acre property include a fitness center, waterscape, clubhouse, swimming pool and spa, as well as a business center. Located at 8715 Belle Rive Blvd., the community is close to The Avenues shopping center and less than 12 miles from downtown Jacksonville.

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The Austin property came online in 1999 and features 10 three-story buildings across roughly 12 acres. Apartments comprise one-, two- and three-bedroom layouts, varying from 640 to 1,315 square feet.

Common-area amenities consist of a clubhouse, business center, fitness center, swimming pool and spa, along with multiple laundry facilities. The property is at 7631 US Highway 290 W., close to the Oak Hill Plaza retail center.

S2 Capital’s recent multifamily expansion

S2 Capital currently has more than 47,000 units across the U.S. through 137 acquisitions. The company’s transaction volume totals about $10 billion.

In December, S2 Capital acquired Timber Creek, a 352-unit community in Charlotte, N.C., from NexPoint Residential Trust. The company paid $49 million for the 1984-completed asset.

Two months earlier, the firm acquired two multifamily properties in the Dallas-Fort Worth metro, totaling 768 units. The Texas communities are in Grand Prairie and Mesquite.

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