Crown Bay Group

CROWN BAY GROUP ACQUIRES MORE WORKFORCE HOUSING

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.

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WHY SPONSORS MIGHT NOT INVEST

How much capital should a sponsor invest in a deal? It’s a fair question, and one that investors may ask to gauge how vested the sponsor is in a deal.   Typically, the prevailing thinking is that when sponsors invest their own capital, they have “skin in the game,” and, therefore, are more incentivized to ensure the deal performs. While there’s some truth to that idea, there are also legitimate reasons why a sponsor may not invest (or not invest much) in a deal.   The primary reason is liquidity.   Liquidity means cash on-hand. Liquidity is important to sponsors for several reasons.   First, sponsors need significant liquidity to secure loans. Typically, lenders require a sponsor to have 10% of the total loan amount in liquid investments following the loan closing. For example, on a $20 million loan, the sponsor must have $2 million in liquid assets to meet loan criteria.   Second, sponsors need liquidity in case of emergencies. What if unforeseen issues occur and the deal needs more capital? A well-capitalized sponsor is able to address these issues without a capital call to investors.   Third, sponsors need liquidity for deposits on new deals. This is known as EMD money. In today’s market, the competition for new investment opportunities is fierce. Sponsors need to quickly provide EMD money, typically 1%-2% of the purchase price, to lock-in the opportunity. On-hand cash provides the flexibility to ensure the good deals aren’t missed.   So, it’s always fair to ask sponsors if they are investing in a deal. Many do. But many don’t – for good reasons.

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WORKFORCE HOUSING INVESTOR TRADES ANOTHER APARTMENT COMMUNITY

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.

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REVEALED: THE DIFFERENCE BETWEEN FORCED APPRECIATION AND MARKET APPRECIATION

When making any investment, those investing expect the value of the investment to increase over time. What’s unique about apartment investing (compared to say, single-family rentals or homes) is that investors can deploy strategies to force an increase in property value by increasing Net Operating Income (NOI). This is called “forced appreciation” and is very different than “market appreciation.” Here’s an example to illustrate the difference: In 2020, a group of investors purchased a 100-unit apartment building for $8.3 million. At the time of purchase, the property’s NOI (revenue minus expenses) was $500,000. The NOI divided by the purchase price reflected a 6% cap rate.   Market Appreciation Scenario After two years, the property is unchanged. Rents and expenses are the same, so NOI is also the same. However, investor sentiment shifted upward. As more and more investors chase apartment deals, pricing is rising (and cap rates are falling). Today, a broker believes the property would sell for a 5% cap rate (compared to 6% at purchase), which means the property is valued at $10 million (with $500,000 NOI). Market appreciation increased the value of the property by $1.7 million (and the investors did nothing). Market sentiment, not property fundamentals, drove the price higher (and cap rates lower).   Forced Appreciation Scenario Instead of maintaining status quo for two years, the ownership group invested $200,000 to improve curb appeal and security and replace the underperforming management team. As a result, rental rates increased by $150/unit/month – and, therefore, so did the NOI. Here’s the math: 100 units X $150/month X 12 months = $180,000 increase in NOI. The new NOI is now $680,000. Assuming a 6% cap rate (market sentiment unchanged since purchase), the value of the property is now $11.3 million (with $680,000 NOI).   Forced appreciation increased the value by $3 million (less $200,000 in investment) for a net increase of $2.8 million. By increasing the NOI, the investors proactively (or forcibly) increased the property value.   Market + Forced Appreciation Scenario (the best of both worlds) Now, consider if market sentiment increased (and cap rates dropped to 5%). The value of the property climbs to $13.6 million. A combination of forced appreciation and market appreciation increased the value by $5.3 million. Call that a “win-win”! As investors, it’s important to be conservative and always assume that market sentiment will not increase (i.e. cap rates will be higher in the future). Using strategies to increase NOI and forcibly increase property value, increases the chance of a successful investment via forced appreciation, while also protecting downside risk if market appreciation does not occur.

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DO WELL BY DOING GOOD: THE ART OF TRANSFORMING B + C CLASS COMMUNITIES

Why invest in aging workforce housing when common practice today leans towards razing them to make room for Class A developments? Is managing the challenges of these types of properties worth the risk? The truth is, it may not be right for everyone.With the right partner, however, the returns can be unbelievably rewarding.   What’s the secret recipe for transforming Class B and C properties to benefit the community, its residents – and your bottom line? Entering into each property with a genuine interest and desire to do what is right and what matters- for the residents that call this property home. The age-old philosophy, “by doing good you will do well,” still holds true today.   Yet, navigating some of the more pervasive challenges common with these types of properties is no small feat.Our team at Crown Bay Grouphas exclusively focused on investing in, improving and managing workforce housing properties throughout the Southeast for the benefit of the community – and investors – for more than 15 years. Our goals and our gains are two-fold: residents experience heartfelt gratitude for a higher standard of living, while investors continue to reap healthy returns on their investments.   Market Demand   First, let’s talk about the overwhelming demand for this type of asset. Essentially all new development over the last decade has been Class A luxury – yet the Class A market makes up only 20 percent of the total rental market. New construction of affordable, marketrate units is just not financially feasibletoday. Consequently, no meaningful workforce supply has been added this past decade. In fact, despite the pervasive need for workforce housing, the supply has decreased with older units being demolished to make room for Class A construction.   Government subsidies help fund the development of some types of low-income housing with the assistance of Low Income Housing Tax Credits (LIHTC). Oftentimes, however, essential workers earn too much to qualify to rent those properties – while still not being able to afford Class A property rentals. Market rate workforce housing is critical to ensuring access to housing for some of our most essential workers in construction, healthcare, transportation, government, education, nursingand public safety.   Unlike government-subsidized developments, market rate workforce housing receives no construction subsidies and is not subject to the same qualifying factors for renters. Market rate workforce housing generally includes Class B and C properties that are comprised of mostly older communities with limited amenities and basic interior finishes. These types of properties tendto be located in suburban areas, with low-rise or garden style construction and rentsthat are affordable for lower-middle and middle-income families.   Navigating Challenges: It’s Not Just About Upgrading Units   The critical need for workforce housing deserves to be met by safe, well-managed, well-maintained options. Delinquencies, crime, disrepair and poor management are common hurdles to overcome in creating desirable workforce housing communities.   A well-developed business plan – with an appropriate allocation of funding for property improvements – is imperative to successfully navigating the most commonchallenges of Class B and C properties. An in-house property management team further ensuresthe goals for improving the standard of living for the community are stringently pursued. This dedicated resource ensures the success of the community – and ultimately the investment.   Critical areas for improvement this team enforces often include:   • Customer service: A leak, a broken stove or refrigerator, or having your heat stop working in the middle of winter can be a real disaster. Slowrepairservice is often the number one complaint by tenants. By adopting a strict 24-hour response policy, our in-house management team is motivated to ensure repairs are quickly addressed and tenant needs are well managed.   • Value: Sometimes it’s the little things that matter most. Updated playgrounds, dedicated BBQ areas, repaired pot holes, and returningswimming pools to service are just a few of the first steps we take to increase community satisfaction – and value – to properties. The net result? A higher standardof living begets a higher standard of behavior. Modest updates contribute to significant improvements in living environment. Tenants feel valued and work harder to pay rent on time, turnover is reduced – and we see an uptick in renter referrals.   • Safety first: From car break-ins to gang activity, safety infractions erode goodwill and a sense of security in the community. Improving lighting and ensuring entry gates function properly are helpful remedies, as is taking a zero tolerance approach to problematic tenants. Establishing partnerships with local authorities and hiring off-duty officers to patrol propertiessignificantly curbs or eradicates criminal activity.   Some wonder – how did eviction moratoriums impact the bottom line on such properties during the pandemic? Whereas many Class B and C properties experienced a great deal of delinquency in rent payments, well-maintained properties with management that was committed to its residents experiencedlittle variation with monthly collections consistent with pre-COVID conditions.   In fact, some of our property management teams went the extra mile to assisttenantsin findingnonprofits to provide rent subsidies, completing forms to receive stimulus funds, and identifying ways to stay current on their rent.   Financial Benefit   Investments in these types of properties can earn significantly above average ROI – not only through passive, quarterly distributions, but also through end-of-cycle returns upon the sale of the property.By improving the property and elevating the caliber of renters, and with proper care and efficient management, above averagereturns are possible.   There is an art to making workforce housing a lucrative investment. The secret recipe?A sincere commitment to doing good by these communities, coupled with a well-funded development plan. Together, these can generate tremendous rewards to both the living environment and overall wellbeing of the residents – as well asinvestors’ portfolios.   Steve Firestone is Founder and Principal of Crown Bay Group, a real estate investment company passionate about multifamily workforce housing. Firestone is dedicated to creating a superior environment for residents and above-average returns for investing partners.

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WHY IN-HOUSE PROPERTY MANAGEMENT IS RIGHT FOR US

Interior of an apartment made of paper. Living room, warm colors, handmade.

Managing large multifamily properties is difficult. An onsite team can make or break a community – and, in our case, an investment.   When Crown Bay first started, our management strategy (and really only option!) tapped a third-party property management company to run day-to-day operations. However, as business grew and experience abound, we learned.   We learned the importance of in-house property management, a revelation that played a critical role in our investing success.   We went to work.   We created a separate subsidiary. We hired an Director of Operations with 30+ years of property management experience to run it. Crown Bay Management only manages and operates our properties.   Why is this the right move for us?   1. Alignment of Interests Our property management team is incentivized to operate our properties as efficiently and financially aggressive as possible. If the property performs well, the team is rewarded.   For typical third-party management companies, their fees increase only with the addition of more management assignments regardless of how properties are performing.   2. More control Crown Bay Management is laser focused on only properties owned by Crown Bay Group. A third-party management company reports to several owners, oftentimes giving most attention to the largest landlord.   For us, having more control and oversight of management and operations has created a stronger alignment of interests that has also led to superior property performance. Not only does this benefit residents – but also our investors as net operating income inevitably climbs and property values increase.   And we sleep better with this peace of mind.

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MORE ATLANTA WORKFORCE HOUSING SELLS FOR TOP PRICES

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.

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CROWN BAY GROUP SELLS APARTMENT COMPLEX FOR $37 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.    

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CROWN BAY GROUP ACQUIRES TWO MORE PROPERTIES IN $20+ MILLION INVESTMENT

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.    

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CROWN BAY SELLS TWO APARTMENT COMMUNITIES FOR $23M

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.    

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