Source: S2 Capital
JUPITER, FL - S2 Capital announced it has acquired Jupiter Isle Apartments, a 359-unit multifamily community in Jupiter, Florida, from Northland. S2, a national value-add multifamily investor with more than $9 billion in transaction volume, is making this investment from its fund, S2 Multifamily Value-Add Fund 1. Terms of the transaction were not disclosed.
Jupiter Isle is a Class B two-story garden style apartment complex built in 1984. It features one-and two-bedroom units, multiple swimming pools, and other outdoor amenities. Over the next two years, S2 expects to complete a $5 million plus renovation to enhance common areas and remodel unit interiors. Improvements will include exterior painting and balcony repair; renovation of the leasing center, fitness center, and gym; and interior unit upgrades including stainless steel appliances, hardware and countertop upgrades, and the installation of new floors and ceramic tile showers. The refurbishment will position the property for future buyers as a premium asset in a supply constrained market with exceptional demographics.
Located at 6705 Mallard Cove Road on 30 acres, the property lies in the Jupiter/Palm Beach Gardens submarket of Palm Beach County, approximately 16 miles north of Palm Beach. It boasts convenient access to nearby jobs, retail establishments and entertainment. The Palm Beach area is enjoying record demand for apartments and is benefitting from migration trends driving relocation to the region.
"We are excited to invest in Jupiter Isle and believe the property represents a compelling investment for both the community and our investors," said Davey Leach, VP of Acquisitions. "The county as a whole is enjoying growth, but with constrained supply and very limited new construction, the Jupiter submarket in particular offers tremendous opportunity to transform an older community into a market-leading option for its growing number of residents."
Nathan Stone, Brad Mason and Guy Griffith of Berkadia helped secure financing for S2. Jaret Turkell of Berkadia represented the seller throughout the transaction.