S2 Capital announced it has acquired Woodbridge Apartments, a 176-unit property in Charlotte, N.C. from Southwood Realty, for $19 million.
The community last traded in 2005, when it changed hands for $4.6 million, according to Yardi Matrix data.
The new owner plans to rebrand the property as “The Tatum Apartments,” investing a planned $3 million in extensive interior and exterior upgrades over the next two years. Common-area amenities will also be renovated, including the clubhouse, leasing center and swimming pool, according to Scott Everett, CEO of S2 Capital.
Located at 6619 Yateswood Drive in the eastern part of the city, the 15.8-acre site is adjacent to the Albemarle Road retail corridor. Downtown Charlotte is roughly 7 miles away.
The one- and two-bedroom property dates back to 1980 and offers private balconies/patios, fireplaces in some units, as well as vaulted ceilings and hardwood floors. In 2019, Woodbridge lost 16 units in a fire that started in a section under renovation at the time of the incident, according to WBTV.
Cushman & Wakefield’s Brooks Colquitt brokered the deal on behalf of the seller. Recently, S2 Capital paid $55 million for a 408-unit community in Glendale, Ariz. The 41-building property is situated 17 miles outside of Phoenix.