S2 Capital Buys Atlanta Community
The property includes more than 70 apartment buildings.
S2 Capital has acquired The Landing at Pleasantdale, a 618-unit garden-style community in the northeast Atlanta suburb Doraville, Ga. The property totals 72 buildings and is located on more than 75 acres.
Located at 3497 Meadowglenn Village Lane, the tree-filled, gated community was completed in 1985. It was acquired through CBRE in an off-market direct transaction.
S2 is attracted to northeast Atlanta submarkets due to an inversion of the supply-demand imbalance in the area. The company has invested in more than 1,400 units in four properties in northeast Atlanta within five miles of Pleasantdale. It added a fifth property nine miles northwest in Sandy Springs, Ga.
“Through our internal research we have identified the northeast Atlanta submarket as one of the first in MSA that has moved into the territory of positive absorption, and we expect that to continue,” Scott Everett, founder & CEO, S2 Capital, told Multi-Housing News.
The market expects to add 50,000 new logistics and transportation jobs in the next decade through, among other things, the imminent expansion of industrial parks along Interstate 85.
In the first half of the year rent movement in Atlanta remained negative. The average advertised asking rent through June was $1,638, down 0.1 percent on a trailing three-month basis. Year-over-year, the metro was down 3.6 percent, the second-largest decline among major national markets.
Property details
The Landing at Pleasantdale features one-, two- and three-bedroom layouts with floorplans up to 1,543 square feet. Homes include vaulted ceilings, washer/dryer connections, large closets, a private patio or balcony, a fireplace and extra storage.
Community amenities include a covered recreational dome, dog park, fitness center and soccer field. Approximately 10 percent of Pleasantdale’s units are fully renovated. S2 intends to renovate the remaining 90 percent.
Interior renovations will include stainless steel appliances, granite countertops, upgraded lighting and new flooring. Exterior renovation plans will feature upgrades across the property.
Pleasantdale is an approximately 30-minute drive to downtown Atlanta via I-85. Residents can also take a train into the city from the nearby Doraville station. The Hartsfield-Jackson International Airport is about 25 miles southwest.
Top universities such as Emory University and Georgia State University are nearby, as are employers Delta Air Lines, Amazon, Primerica, Americold, KIA Motors and Northside Hospital.
According to Yardi Matrix data, the community is 88 percent occupied. In February 2021, Terra Cap Management bought the property from Liquid Capital for $82.6 million.
