FOR IMMEDIATE RELEASE:
CROWN BAY GROUP ACQUIRES ANOTHER 200 UNIT MULTIFAMILY COMPLEX IN ATLANTA, GEORGIA
ATLANTA, December 16th, 2016 /PRNewswire/ – Crown Bay Group LLC, along with its partners, is pleased to announce the closing on their purchase of Flint River Crossing in Jonesboro, in Atlanta’s Southern Crescent Region. This property has strong demand drivers resulting from its strategic I-75 South Corridor location, the Airport/South Atlanta office/industrial district, and the burgeoning Clayton County office/industrial district. The property is well positioned near shopping and restaurants.
The garden style apartments are situated on Flint River Rd. Having park-like mature grounds and a beautiful swimming pool, this is a very well kept community which has recently had extensive capital expenditure which Crown bay will continue, by upgrading unit interiors and addressing the property’s other needs. Crown Bay’s portfolio managers Provence Real Estate will be managing the property, and they are sure to make it an even greater place to live, offering great service to its tenants as usual.
This is Crown Bay Group’s fifth Atlanta acquisition, with more deals in the pipeline carrying right through to the New Year.
“I am still very bullish on the Atlanta area. I think we may see a little slowdown in the unprecedented 7% rent growth of the last couple of years, but with development, job growth, and an increasing population going on here, there is still great opportunity in this market, probably not ending this cycle until 2019.” says Steve Firestone, Managing Partner and CEO of Crown Bay Group.
The Atlanta Market, including its sub markets, have been experiencing an unprecedented high growth period which should carry on for the foreseeable future.
“This is another great acquisition for our investors,” says Steve Firestone. “Our focus is on buying at the right price, and adding value, and at the same time offering great service to our tenants”