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”

CROWN BAY GROUP ACQUIRES A SIX STORY OFFICE BUILDING ON ML KING JR DR IN ATLANTA

mlkATLANTA, OCTOBER 19, 2016 /PRNewswire/ – Crown Bay Group has purchased an Office Building; The Atlanta Executive Center, also known as 2001 MLK. It is an 83,000 square foot, six story building on ML King Jr Dr, SW in Atlanta. Recently, the City of Atlanta has passed into legislation the funding to streetscape and upgrade the whole of the MLK corridor, to include road medians, artwork benches, pocket parks and more. Their goal, according to Mayor Kasim Reed in recent press conferences, is to make the street the “Jewel of the City and is the Gateway to the West. We are excited that the Atlanta City Council recognized the importance of moving now on this project to ensure this unique and productive partnership with the Georgia Department of Transportation,” said Mayor Reed. “Atlanta is the birthplace of Dr. Martin Luther King, Jr. The street bearing his name should represent his legacy and stand as a source of pride and excellence for all who travel on it.”

Crown Bay Group has met with City Officials and will be upgrading the interior and exterior in line with the City’s vision for the MLK Corridor. This building, with its bold architecture has become a local icon worthy of  being brought back to its full potential to play its part in MLK Jr Drives next chapter in Atlanta history.

Steve Firestone, CEO of Crown Bay Group says “We saw the potential to revitalize the building and bring new businesses into the local community. We are also very excited and proud to play even a small part in the City of Atlanta’s ambitious and visionary revitalization project of the MLK corridor.”

If you are interested in leasing office space here contact; Wiley Real Estate Group (404) 261-6154. The building is in a HUB Zone.

CROWN BAY GROUP ACQUIRES 240 UNIT MULTIFAMILY ASSET IN STONE MOUNTAIN, GEORGIA

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ATLANTA, April 8, 2016 /PRNewswire/ – Crown Bay Group LLC, along with its partner Adams Investor Group are pleased to announce the closing on their purchase of KRC Bridge Apartments on N Hairston Road in Stone Mountain, a suburb of Atlanta. The property is well positioned near shopping including a Walmart Superstore, and  only 1 mile to the  Stone Mountain Industrial area with over 200 companies with thousands of employees.

The property has now been re-branded as Hairston Woods Apartments. The garden style apartments are situated on N Hairston Rd. Having park-like mature grounds and a beautiful swimming pool, this is a very well kept community with great floorplans that include a sun room area and some with fireplaces. 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..

This is Crown Bay Group’s fourth Atlanta acquisition, with more deals in the pipeline. “We think the Atlanta market is one of the hottest places to be investing in, and are very bullish on the Atlanta area. I think the surface has only been scratched here, with all the larger development and job growth going on there is great opportunity here”, says Steve Firestone, Managing Partner and CEO of Crown Bay Group. “We are stepping up our acquisition drive which will also include office buildings with one currently under contract, and possible development projects in the future.”

The Atlanta Market, including most of its suburbs, is experiencing a high growth period
which should carry on for the for the foreseeable future with its employment opportunities and increase in population.

“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”

CLOSING ON WATERFORD MANOR APARTMENTS

Crown Bay Group is pleased to announce the successful closing on Waterford Manor Apartments this past Friday, 12/18/2015. It is an 118 unit property in Decatur GA. This is our 2nd closing within the last two weeks. With the help of Father Freddie & Mrs Fannie Clause we received exactly what we wanted for Christmas. Not to be done, without a little Hanukkah magic as well. On the first closing we had reached the end of our 30 day extension with the seller, and the lender was not ready to close. The seller would only give us a 1 day extension which was not enough and very stressful. But, by a miracle, the one day extension lasted through 8 days until close. Well you know the story. Anyway, I would like to wish everybody a happy holiday time spent relaxing with family and catching up on some rest, before the next year begins when we start back to work, ramping up, and doing it all over again!

Best Wishes,

Steve Firestone

Managing Partner

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Crown Bay Group Completes Acquisition of 250-Unit Multifamily Asset in Forest Park, Georgia

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ATLANTA, Dec. 8, 2015 /PRNewswire/ — Crown Bay Group LLC, along with its partners are pleased to announce the closing on their purchase of Parkside Crossing Apartments on Jonesboro Rd in Forest Park, a suburb of Atlanta. The Clayton County property is well positioned near shopping, and is 4 miles from the area’s biggest employer, Hartsfield-Jackson Airport, the busiest airport in the US. The deal was structured with a Fannie Mae loan through ARBOR.

This is Crown Bay Group’s second Atlanta acquisition this year, with more deals in the works. “We think the Atlanta market is one of the hottest places to be investing in right now including it’s sub-markets like Clayton County who will be a major beneficiary from their re-introduction of Public Transportation combined with a large amount of job creation in the pipeline,” says Steve Firestone, Managing Partner and CEO of Crown Bay Group.

The garden style apartments are situated right on the main road providing quick access to work, main travel arteries, and numerous shopping. With park-like mature grounds, 250 large 2 & 3 bed apartments, great location, and a recently installed bus stop makes Parkside Crossing a great choice for a  place to live for our tenants. Crown Bay Group intends to give the property a capital infusion, updating interiors, amenities, maintenance and landscaping to bring up the property’s image.

The revitalization in the economy has resulted in Clayton County being able to bring back MARTA, the vital Public Transportation, which it has been without for a decade. This has been a big catalyst for increased demand for housing from area employers and, has allowed some major re-development projects to finally start to become a reality.

“Parkside Crossing Apartments is a well located value-add acquisition for our investors,” says Steve Firestone. “Our focus is on value-add opportunities in strong job markets throughout the South East.”

About Crown Bay Group LLC

Crown Bay Group is a privately held real estate investment and asset management company based in Florida with its focus on the multifamily asset class. Crown Bay Group sources and puts together deals on value-add properties in emerging markets and brings in key partners and investors to acquire the assets. The company is looking to increase their footprint within the South East by sourcing the right deals to create above average returns for Crown Bay Group, its partners and investors. “This has been a great end to the year for us, and with other deals in the works, we are looking to take 2016 by storm.”

CROWN BAY GROUP ACQUIRES 138-UNIT MULTIFAMILY ASSET IN STONE MOUNTAIN, GEORGIA

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PRESS RELEASE

Crown Bay Group LLC
7777 Glades Road, Suite 100
Boca Raton, FL 33434
Tel: 561-929-6551

FOR IMMEDIATE RELEASE

CROWN BAY GROUP ACQUIRES 138-UNIT MULTIFAMILY ASSET IN STONE MOUNTAIN, GEORGIA

ATLANTA, May 20, 2015 /PRNewswire/ – Crown Bay Group LLC, along with its partners are pleased to announce the closing on their purchase of Wynview Apartments on Central Drive in Stone Mountain, a suburb of Atlanta. The property is well positioned near shopping and the recently opened Walmart superstore.

This is Crown Bay Group’s first Atlanta acquisition, with more deals in the pipeline. “We think the Atlanta market is one of the hottest places to be investing in, and are very bullish on the Atlanta area, if you can find the right deals”, says Steve Firestone, Managing Partner and CEO of Crown Bay Group.
The garden style apartments are situated on a quiet street with park-like mature grounds and a beautiful swimming pool.

The new owners and their management are implementing a repositioning and capital improvement plan to enhance the property’s image. This will include rebranding the community to include new signage, logos, and a name change from Wynview Apartments to “Parc Central”.

The repositioning will include the upgrade of all unit interiors, the addition of new amenities including a great playground for the kids, a picnic area near the pool, and rearranging the offices to provide tenants with a community room that will also hold a business center. The safety of tenants is also an important element. The group has a 0% crime tolerance policy and will be installing some CCTV cameras as well as already
having two of Atlanta’s finest (police officers) residing there who act as the community’s courtesy officers.

The Atlanta Market, including most of its suburbs, is experiencing a high growth period
which should carry on for the for the foreseeable future with its employment opportunities and increase in population.

“Wynview Apartments is a well located value-add acquisition for our investors,” says Steve Firestone. “Our focus is on value-add opportunities in strong job market locations throughout the South East. We will go anywhere there are value-add opportunities in cash flow producing multifamily properties.”

About Crown Bay Group LLC

Crown Bay Group is a privately held real estate investment and asset management company based in Florida with its sole focus on the multifamily asset class. Crown Bay Group sources and puts together deals on value-add properties in emerging markets and then brings in key partners and investors to acquire the assets. They are looking to increase their footprint within the South East by sourcing the right deals to create above average returns for themselves and their investors.

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For more information please contact:

Steve Firestone, Managing Partner
CROWN BAY GROUP LLC
7777 Glades Rd, Suite 100
Boca Raton, FL 33434
Phone: 561-929-6551
Fax: 561-771-0711
Email: sf@crownbaygroup.com
Website: www.crownbaygroup.com

Hello From Florida – “The Georgia Peach”

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Hello From Florida – “The Georgia Peach”

It’s been a while since I sent out a note so thought I would give a quick update as to what we have been working on. I spent a lot of time on a 388 unit property in Fort Wayne Indiana which was a great reposition deal. I got it under contract, did all the due diligence and spent two months working on this. On the 30 day of the inspection period we were still negotiating the purchase price due to almost $1,000,000 0f undisclosed works needed. We were working towards an agreement but by 8:30pm on the 30th day of EMD going hard, we could not come to a mutual agreement and I had no choice but to terminate the contract to protect the EMD. After that, we could not get negotiations back on track. Big let down, but hey, sh*t happens, welcome to the wonderful world of real estate.

The Big Bounce Back

We have a great property under contract now, we’re past the due diligence stage, and should close around April 7th.  So far, everything has gone as smooth as a peach, a Georgia peach that is. Wynview Apartments is a 138 unit apartment complex in the Stone Mountain sub market of Atlanta, Georgia. It is a great value play with numerous value-add opportunities that can and will be implemented over a very short period of time. I have put together an awesome team around the project including of course, Crown Bay Group running operations and value-add works.

We also have a couple of offers currently in, will see if we are able to get them under contract.

Hasta la vista,

Steve