Crown Bay Group acquires two Georgia apartment communities
Crown Bay Group, LLC, a Georgia based real estate investment firm, has acquired The Pines at Greenbriar in Atlanta and Mountain Oaks in Stone Mountain. The communities total 544 units and are located in high demand areas. The value of the acquisition was $27.7 million. Crown Bay now owns 10 communities throughout the state of Georgia.
“These were perfect properties for our investors’ portfolio,” said Steve Firestone, managing partner and CEO of Crown Bay Group, LLC. “The portfolio emphasizes properties that are cash flowing but offer multiple opportunities for added value. With both communities, we plan to update units with our standard package to include, new appliances, flooring and lighting as appropriate, as well as update community amenities, and implement management operating efficiencies through our own Crown Bay Management Company.”
The Pines at Greenbriar was originally built in 1972 and rehabbed in 2016-17. The 376-unit community is located in Atlanta near the Greenbriar Mall and Hartsfield Airport. Its three-story buildings include 1-, 2- and 3-bedroom apartments with up to 1,175 square feet.
“Southwest Atlanta has become a great place to live and work,” said Firestone. “It has great shopping, food and entertainment being close to the Camp Creek Marketplace, and is located on a MARTA line, making transportation easily accessible for residents.”
Mountain Oaks is a 168-unit community that was built in 1972 and has undergone some renovations which Crown Bay will continue to work on. The development offers both apartments and townhomes in a woodland and park-like setting. Mountain Oaks includes a community pool and clubhouse with a fitness center as well as a neighborhood playground and even a full size soccer field! Units include upgraded standard features like hardwood floors, plush carpeting, upgraded appliances and walk-in closets.
“Both The Pines and Mountain Oaks are gated communities, which makes them even more attractive to potential tenants and long-term renters,” said Firestone.
Crown Bay Group is a privately held acquisition and asset management company. Based in Atlanta, it focuses on the multifamily market in the South East. It provides above average returns to its partners and investors through a meticulously planned value-add program.