Crown Bay Group Completes Acquisition of 250-Unit Multifamily Asset in Forest Park, Georgia
ATLANTA, Dec. 8, 2015 /PRNewswire/ — Crown Bay Group LLC, along with its partners are pleased to announce the closing on their purchase of Parkside Crossing Apartments on Jonesboro Rd in Forest Park, a suburb of Atlanta. The Clayton County property is well positioned near shopping, and is 4 miles from the area’s biggest employer, Hartsfield-Jackson Airport, the busiest airport in the US. The deal was structured with a Fannie Mae loan through ARBOR.
This is Crown Bay Group’s second Atlanta acquisition this year, with more deals in the works. “We think the Atlanta market is one of the hottest places to be investing in right now including it’s sub-markets like Clayton County who will be a major beneficiary from their re-introduction of Public Transportation combined with a large amount of job creation in the pipeline,” says Steve Firestone, Managing Partner and CEO of Crown Bay Group.
The garden style apartments are situated right on the main road providing quick access to work, main travel arteries, and numerous shopping. With park-like mature grounds, 250 large 2 & 3 bed apartments, great location, and a recently installed bus stop makes Parkside Crossing a great choice for a place to live for our tenants. Crown Bay Group intends to give the property a capital infusion, updating interiors, amenities, maintenance and landscaping to bring up the property’s image.
The revitalization in the economy has resulted in Clayton County being able to bring back MARTA, the vital Public Transportation, which it has been without for a decade. This has been a big catalyst for increased demand for housing from area employers and, has allowed some major re-development projects to finally start to become a reality.
“Parkside Crossing Apartments is a well located value-add acquisition for our investors,” says Steve Firestone. “Our focus is on value-add opportunities in strong job markets throughout the South East.”
About Crown Bay Group LLC
Crown Bay Group is a privately held real estate investment and asset management company based in Florida with its focus on the multifamily asset class. Crown Bay Group sources and puts together deals on value-add properties in emerging markets and brings in key partners and investors to acquire the assets. The company is looking to increase their footprint within the South East by sourcing the right deals to create above average returns for Crown Bay Group, its partners and investors. “This has been a great end to the year for us, and with other deals in the works, we are looking to take 2016 by storm.”