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.
