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.