CROWN BAY GROUP OVERCOMES ECONOMIC HEADWINDS TO ACQUIRE WORKFORCE HOUSING . $35 million acquisition is firm’s largest acquisition to date.   ATLANTA — Crown Bay Group, LLC (Crown Bay), an Atlanta-based multifamily real estate investment firm, announces the purchase of Cameron Run in an off-market transaction that was finalized on December 30. Located in southwest Atlanta, the $35 million workforce housing community represents the company’s largest investment since its inception in 2013. Crown Bay acquired the property from an undisclosed seller. No additional transaction details are available.   “The acquisition of Cameron Run represents another exceptional opportunity for our investors to diversify their portfolios with the type of real estate asset that is historically very stable and recession-proof – workforce housing,” says Steve Firestone, founder and principal, Crown Bay Group. “Although these are challenging and uncertain economic times, we saw the potential in this property and seized the opportunity to add it to our portfolio. In particular, the attractive loan assumption made this opportunity even more appealing.”   Located at 4395 Washington Rd. in East Point, Ga., Cameron Run is a 284-unit, garden apartment community consisting of one-, two- and three-bedroom homes. A short drive from Hartsfield-Jackson Atlanta International Airport and popular Camp Creek Marketplace, the complex is located in one of the largest and most active industrial submarkets in the United States with facilities owned by Amazon, Georgia Pacific, Mondez International and other employers. More than $1 million of upgrades and improvements were recently made to the circa-1972 property including a new gym, playground, artificial turf sports field and dog park. The property was 93% occupied at the time of the sale.   Continues Firestone, “At Cameron Run, we will invest significant funds to continue to improve the property and ensure a quality residential environment for our tenants.” The property will be managed by the firm’s sister company Crown Bay Management.   About Crown Bay Group, LLC Founded in 2013, Crown Bay Group is a privately-held real estate investment and asset management firm based in Atlanta. The firm specializes in the acquisition, operation, management and disposition of multifamily properties throughout the Southeast. Since its inception, Crown Bay has owned and operated a multifamily portfolio of 3,665 units valued at more than $270 million.

ATLANTA — Crown Bay Group, LLC (Crown Bay), an Atlanta-based multifamily real estate investment firm, announces the latest in a string of multifamily housing transactions, underscoring the continued strength and profitability of market-rate, workforce housing assets in the Atlanta area. The firm sold Ashgrove, a 92-unit apartment community in Stone Mountain, Ga. to Quattro Capital, LLC, for $7.4 million or approximately $80,400 per unit. The transaction closed May 6. No additional transaction terms or details are available. “When we acquired this property in September 2019, we knew we’d found a diamond in the rough,” says Steve Firestone, founder and principal, Crown Bay Group. “It’s located in one of the top-performing submarkets in the Atlanta MSA, and the smaller unit sizes provide efficiencies in expenses while generating a higher rent per square foot.” Located at 481 Hambrick Rd. in Stone Mountain, a city 15 miles east of Atlanta, Ashgrove comprises one-, two- and three-bedroom apartment units in 18, one-story buildings on 4.34 acres of matured landscaping. The complex, built in 1984, has been well-maintained with more than a half-million dollars in capital improvements invested over the past seven years. Communal amenities include a mail kiosk, onsite leasing and management and picnic areas with grills and tables. Since Crown Bay acquired Ashgrove in 2019 for $4.8 million, the firm has made minor investments in cosmetic upgrades. The community benefits from immediate connectivity to the Memorial Drive corridor, which has easy access to Interstate 285, Stone Mountain’s Amazon distribution center, the Clarkston campus of Georgia State University’s Perimeter College and a proposed “Gateway West” urban center expected to feature retail, restaurants and entertainment venues. Since June 2021, the company has transacted nearly $225 million in Atlanta, including the recent sales of Southlake Cove in Jonesboro, Ga. and Vineyard Pointe in Riverdale, Ga. for $35.86 million, 2019 for $18.3 and $5.7 million respectively. Crown Bay is currently performing due diligence on several workforce housing investment opportunities, and will continue to seek out multifamily housing properties to add to its portfolio.

Crown Bay Group sells two-property portfolio in metro Atlanta.   ATLANTA — Crown Bay Group, LLC (Crown Bay), an Atlanta-based multifamily real estate investment firm, announces the sale of a portfolio of two multifamily apartment communities — Southlake Cove in Jonesboro, Ga. and Vineyard Pointe in Riverdale, Ga. — to R. James Properties, Inc. for a combined total of $35.86 million. The sale closed on March 9 and is the latest of several transactions for the investment firm, underscoring the continued viability of the workforce housing product in today’s commercial real estate market.   “When we purchased these properties in 2019, we were able to see the upside and potential value-add within these communities,” explains Steve Firestone, founder and principal, Crown Bay Group. “Over the past two-plus years, we were strategic in the improvements made, both from a cosmetic and management standpoint. The fact that we were able to sell them for significant profit that well-exceeds our proforma in less than three years, demonstrates the value of forced appreciation, not to mention the historical stability of this asset.”   Crown Bay sold Southlake Cove, located at 7509 Jonesboro Rd. in Jonesboro, for $27.3 million. The firm acquired the property in February 2019 for $18.3 million. Built in 1987, the 34.5-acre complex includes 45 buildings with 346 primarily one-bedroom units. Community amenities include a fitness center, pool, playground and onsite laundry facilities. The property is located minutes from Hartsfield-Jackson Atlanta International Airport with accessibility to Interstates 75 and 675.   Following over $3 million in capital improvements made by the previous owners, Crown Bay continued making enhancements to the property upgrading units with resurfaced countertops, brushed nickel fixtures and hardware, new flooring and appliances and modern lighting. In addition to physical improvements, the firm’s in-house property management team deployed its programmatic management strategy to stabilize occupancy and increase rental rates to better align with the existing market. The property sold 100 percent occupied, up from 91 percent when purchased by Crown Bay.   Crown Bay also acquired Vineyard Pointe in the same February 2019 transaction for $5.7 million. This property, located at 8213 GA-85 in Riverdale, recently traded hands for $8.5 million. Built in 1989 on nearly 11 acres, the complex includes 18 buildings housing 108 one- and two-bedroom units. The property benefits from exceptional visibility from Georgia Highway 85 and accessibility to employers such as Majestic Airport Center and Morrow Industrial Park. Crown Bay invested additional capital to make similar cosmetic upgrades to the units and deployed its management standards to improve the overall standard of living and bring rents to market rates.   “Properties such as Southlake Cove and Vineyard Pointe are popular among the workforce employee base – and now investors too,” adds Firestone. “Minimal tenant turnover and delinquency typically make for a stable, steady cashflow. For this reason, this historically stable, recession-proof product will continue to be an attractive avenue for investors to diversify their portfolios, particularly during uncertain economic times.   “It’s really about increasing net operating income and the resulting forced appreciation that makes for a significant return on investment,” continues Firestone. Deploying tactics such as rent rate increases and washer and drying rental programs, Crown Bay significantly increased the net operating income of the two-property portfolio.   This two-property disposition is the latest in a slew of transactions finalized by Crown Bay in recent months. Since June 2021, the company has transacted nearly $115 million in Atlanta. Other recent sales include Pines of Southlake for $10.5 million and Cascade Oaks for $12.4 million. The company continues to acquire workforce housing properties with potential upside including Netherley Park for $31.6 million and the combined portfolio of Bullock Habersham Apartments and Dodson Courtyard Apartments for $20.45 million.   About Crown Bay Group, LLC Founded in 2013, Crown Bay Group is a privately-held real estate investment and asset management firm based in Atlanta. The firm specializes in the acquisition, operation, management and disposition of multifamily properties throughout the Southeast. Since its inception, Crown Bay has owned and operated a multifamily portfolio of 3,665 units valued at more than $270 million.

Significant returns show forced appreciation at work, historical stability of asset type.   ATLANTA — Crown Bay Group, LLC (Crown Bay), an Atlanta-based multifamily real estate investment firm, announces another successful real estate sale in a string of recent transactions that demonstrates the strength of the market-rate, workforce housing product in Atlanta. The firm sold FortyThree75, a 260-unit apartment community in Southwest Atlanta, to Beach Real Estate Funds, LLC, an affiliate of Charleston, SC-based The Beach Company, for $37.05 million. The transaction closed January 14. No additional transaction terms or details are available.   “We acquired this property at a very uncertain time during the pandemic when many buyers were sidelined,” says Steve Firestone, founder and principal, Crown Bay Group. “Though our approach was cautious, we eagerly took advantage of the unusual market conditions.”   Crown Bay acquired FortyThree75 in October 2020 for $20 million. In addition to cosmetic improvements, the firm’s in-house property management team deployed its programmatic management strategy to stabilize occupancy and increase rental rates to align with the market. Built in 1974 at 4375 Cascade Rd. in Atlanta, the property was 97 percent leased at the time of sale. Amenities include a swimming pool with sun deck, playground, gym, picnic grilling area and an onsite MARTA bus stop. Its location on Cascade Road is just two miles east of Fulton Industrial Corridor, the largest industrial corridor in the eastern United States that employs 20,000+ workers with a payroll $1 billion.   The sale of FortyThree75 is the latest in a number of transactions Crown Bay has finalized in the past six months. Since June 2021, the company has transacted nearly $115 million in Atlanta. Most recently, the company sold Pines of Southlake for $10.5 million and Cascade Oaks for $12.4 million. The properties were acquired in 2020 for $6.4 million and $8.3 million respectively. The firm has also acquired several properties in recent months, such as Netherley Park for $31.16 million, and Bullock Habersham Apartments and Dodson Courtyard Apartments for $20.45 million.   About Crown Bay Group, LLC Founded in 2013, Crown Bay Group is a privately-held real estate investment and asset management firm based in Atlanta. The firm specializes in the acquisition, operation, management and disposition of multifamily properties throughout the Southeast. Since its inception, Crown Bay has owned and operated a multifamily portfolio of 3,655 units valued at more than $270 million.    

200+ units added to workforce housing portfolio; over $50 million invested in 2021.   ATLANTA — Crown Bay Group, LLC (Crown Bay), an Atlanta-based multifamily real estate investment firm, closed out 2021 with the acquisition of a two-property multifamily housing portfolio totaling over 200 units in East Point, Georgia. The transaction was finalized with a private Atlanta real estate investor in December for $20.45 million. No additional transaction details are available.   “We feel fortunate to have been able to take advantage of the rare opportunity to acquire two stabilized, cash-flowing properties with plenty of operational upside,” says Steve Firestone, founder and principal for Crown Bay Group. “We plan to make immediate improvements to the properties that will benefit both current and future residents and improve net operating income. What’s more, we see plenty of cross-selling opportunities between the properties, given their distinct floor plans and price point differentials.”   Currently 98 percent leased, Bullock Habersham Apartments is a townhome-style apartment complex featuring some of the largest two-, three– and four-bedroom units in the area. The 128-unit complex features a swimming pool, business center, leasing and management office, 24/7 security monitoring and a MARTA bus stop at the property’s entrance. The property, which was built in 1969, is located at 3251 Washington Road in East Point.   Dodson Courtyard Apartments, at 3520 Dodson Drive Connector in East Point, is a boutique two– and three-story apartment complex with 75 one– and two-bedroom units. Its amenities include an onsite laundry facility, courtyard and 24/7 security monitoring. An adjacent public park with tennis courts and playgrounds adds to the community’s features. Built in 1967, this property is currently 100 percent leased.   “We were able to gain access to this off-market opportunity through long-term industry relationships and acquired it at a very attractive basis,” continues Firestone. The properties are .5 miles from each other in the South Fulton submarket, a short commute to southwest Atlanta’s main economic drivers.   Crown Bay is planning $1 million of capital improvements at the properties. Improvements to unit interiors are expected at both, while for Bullock, additional improvements include upgrading the curb appeal as well as building infrastructure.   “Our goal is to increase the net operating income by increasing in-place rents and optimizing property operations,” notes Firestone. “We expect to sell the properties as a package in three to five years.”   Through acquisitions like these, Crown Bay Group offers investors the opportunity to diversify their investment portfolios to include a real estate asset that is historically stable and recession proof. Metro Atlanta’s workforce housing fundamentals have remained strong throughout the pandemic, making these properties, as well as Crown Bay’s August acquisition of Netherley Park, a solid investment.   According to Yardi, asking rents have increased approximately 12 percent year-over-year since June 2020 in the “renter by necessity” category. The Atlanta occupancy rate, across all classes, is 96.1 percent, with Class B/C properties leading the way. Upward pressure on lower-end wages and lack of new housing supply also supports rent increases, particularly since many in-place rents are below market level.   About Crown Bay Group, LLC Founded in 2013, Crown Bay Group is a privately-held real estate investment and asset management firm based in Atlanta. The firm specializes in the acquisition, operation, management and disposition of multifamily properties throughout the Southeast. Since its inception, Crown Bay has owned and operated a multifamily portfolio of 3,655 units valued at more than $270 million.    

CROWN BAY GROUP SELLS TWO WORKFORCE HOUSING COMMUNITIES FOR $23 MILLION Transactions exceed proforma following short, pandemic holds.   ATLANTA — Crown Bay Group, LLC (Crown Bay), an Atlanta-based multifamily real estate investment firm, announces the sale of two metro Atlanta workforce housing communities. In Atlanta, Soundview Equities LLC acquired Cascade Oaks for $12.4 million on November 23. In Morrow, Ga., Pines of Southlake was acquired by RW Equities for $10.5 million in a transaction that closed in October. No additional transaction details are available.   “In 2020, CBG took an opportunistic, yet discerning approach to investing given the market conditions caused by the pandemic,” notes Steve Firestone, founder and principal, Crown Bay Group. “We believed that lucrative investing opportunities still existed and navigated the uncertain market to find those assets.”   In August 2020, Crown Bay took advantage of an off-market opportunity to acquire Pines of Southlake at a risk-adjusted price of $6.4 million with the intent to hold for up to five years. Under its ownership, the firm implemented streamlined operations strategies and improved the property repairing the parking lots and pool and renovating the leasing and management office. At the time of the sale, the 93-unit community was 98 percent leased. Pines of Southlake is located at 985 Mt. Zion Rd. and features two- and three-bedroom, garden-style apartments and townhomes.   “The opportunity to earn a significant return for our investors really drove our decision to sell the assets early,” explains Firestone. “These transactions exemplify the historical stability of the workforce housing asset class – ranking it as one of the most recession-proof investment products out there.”   Crown Bay acquired Cascade Oaks in January 2020 for $8.3 million. Nearly a quarter-million dollars of capital improvements upgraded unit interiors and improved operational standards taking the community from 94 percent-leased to 99 percent, at the time of sale. The 113-unit property is located at 3820 Old Cascade Rd. SW in Atlanta and offers one- and two-bedroom apartments.   “We are fortunate to have access to many off-market opportunities and the agility to capitalize on them when the assets meet our investing criteria,” states Firestone. “Workforce housing is where we believe the greatest potential to yield safe and profitable returns for our investors, exists.”   About Crown Bay Group, LLC Founded in 2013, Crown Bay Group is a privately-held real estate investment and asset management firm based in Atlanta. The firm specializes in the acquisition, operation, management and disposition of multifamily properties throughout the Southeast. Since its inception, Crown Bay has owned and operated a multifamily portfolio of 3,655 units valued at more than $270 million.    

CROWN BAY GROUP ACQURIES THE PARK AT NETHERLEY IN SOUTH ATLANTA Workforce housing community adds nearly 300 units to management portfolio.   ATLANTA — Crown Bay Group, LLC (Crown Bay), an Atlanta-based multifamily real estate investment firm, announces the acquisition of its highest-priced multifamily housing asset to date. The firm acquired The Park at Netherley in Union City, Ga. for $31.1 million or nearly $106,000 per unit. The transaction closed on August 25. No additional transaction details are available.   “Netherley is the perfect addition to our portfolio of assets. It’s an exceptional asset at an attractive price, and we are pleased to be able to make this deal happen,” explains Steve Firestone, founder and principal, Crown Bay Group. “Our Netherley residents will immediately see the Crown Bay difference with a well-managed, well-amenitized, safe and clean workforce housing environment, a product that is in demand throughout metro Atlanta – and, frankly, in several markets across the Southeast.”   Built in 1988, The Park at Netherley is a 294-unit, one-, two- and three-story apartment community, positioned around a lake with adjacent green space. The community features a business center, clubhouse, playground, swimming pool and fitness center. Currently, the property is 93% leased. “We expect our proven management strategy to quickly elevate the performance of this property in a manner that will benefit both the residents as well as our investment partners,” continues Firestone.   Since 2019, more than $1 million of capital improvements have been completed at Netherley in an effort to enhance curb appeal, upgrade interiors, improve exteriors and boost common area amenities. Crown Bay plans to launch an interior renovation program to further enhance unit interiors. Crown Bay Management, the firm’s property management division, will manage the residential community.   The Park at Netherley is located on Buffington Road with exceptional accessibility to primary commercial and transportation corridors as well as employment hubs. The residential community is one mile from two Interstate-85 access points, 3.5 miles from the Interstate-85/Interstate-285 interchange and less than five miles from Hartsfield-Jackson Atlanta International Airport, the primary economic driver on Atlanta’s southside. Nearby Jonesboro Road provides access to shopping, services and entertainment for residents. Amazon, Procter & Gamble, Newell Rubbermaid, Kraft Foods and others have added significant employment capital to the region as have the million sq. ft. of warehouse and distribution centers as well as the campus of Atlanta Metro Studios within two miles from the site.   “South Fulton is a strong, vibrant and evolving market with even more growth already visible on the horizon,” concludes Firestone. “Our group has built a reputation with our investment partners for delivering solid, consistent returns. We are extremely confident that once our management strategy is deployed and takes hold, The Park at Netherley will further contribute to the value we bring to our investors.”   About Crown Bay Group, LLC Founded in 2013, Crown Bay Group is a privately-held real estate investment and asset management firm based in Atlanta. The firm specializes in the acquisition, operation, management and disposition of multifamily properties throughout the Southeast. Since its inception, Crown Bay has owned and operated a multifamily portfolio of 3,655 units valued at more than $270 million.