S2 Capital Acquires Atlanta Portfolio

Woodland Ridge Apartments. Image courtesy of Steve Hogben Photography

S2 Capital has purchased an Atlanta-area multifamily portfolio from Turner Impact Capital. The four properties, totaling 1,406 market-rate apartments, were acquired with the company’s S2 Multifamily Value-Add Fund 1.

The four multifamily assets purchased by S2 are all two-story, garden-style apartments constructed in the mid-1980s. Several are in Atlanta, including the 344-unit Cornerstone Apartment Homes located at 2100 Winters Park Drive, with one- and two-bedroom units and the 440-unit Sonoma Ridge Apartment Homes located at 4659 Dawson Blvd., with one-, two- and three-bedroom units.

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The other properties are in Norcross, including the 320-unit Pointe at Norcross at 3600 Park Colony Drive, with one-and two-bedroom units and the 302-unit Woodland Ridge Apartments at 1355 Indian Trail Lilburn Road N.W., with one-and two-bedroom units.

The portfolio is situated within a few minutes’ drive of Buckhead, the Central Perimeter, Midtown and the I-85 Industrial Corridor, putting residents close to many industries for employment options.

Improvement Plans

The company plans to invest more than $20 million in capital improvements, or around $5 million per asset, to its new properties during the next two years. The renovations will include updating unit interiors with stainless steel appliances, hard-surface countertops, undermount sinks, kitchen backsplash, vinyl flooring, hardware, light fixtures and ceramic shower tile. S2’s plans to improve exterior spaces are specific to each property, but should feature enhanced amenity spaces, leasing offices, clubhouses, swimming pool, landscaping, balcony enclosures, monuments and signage.

The seller was represented by Nathan Swenson and Brooks Colquitt with Cushman & Wakefield. Mark Brandenburg, Lauren Dow and Michael Cosby with JLL advised on securing financing for the acquisition.