“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.
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.
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