FOR IMMEDIATE RELEASE:
CROWN BAY GROUP ACQUIRES 454 UNITS IN TWO PACK APARTMENT ACQUISITION IN ATLANTA, GEORGIA
ATLANTA, GA, February 18, 2019 /PRNewswire/ – Atlanta based Crown Bay Group LLC along with its partners, are pleased to announce their acquisition of Southlake Cove, a 346 unit property in Jonesboro, and Vineyard Point its sister 108 unit property in Riverdale, both South Atlanta sub markets. This is their first acquisition in 2019.
Of the two Cardinal single story style properties Southlake Cove is located on Jonesboro Road, which enjoys a highly accessible location, just minutes from the Southlake Mall, all major big box retailers and from I-75, while Vineyard Pointe fronts on the busy I-85. The previous owners spent $4million dollars on capital works across the properties during 2018. The property has a beautiful swimming pool and an exercise center. The new owners will carry on with some interior upgrades to units, new signage, and a washer-dryer rental program will be put in place.
The properties benefit from an outstanding location, not far from the Hartsfield Jackson airport, the busiest airport in the world. There are plans for a 320 acre mixed-used development near Hartsfield-Jackson International Airport. The estimated $500+ million project, currently known as “Airport City,” is expected to bring up to 5,000+ jobs to the area.
Crown Bay Group is still bullish about the fundamentals and continued growth of the Atlanta market as a whole, and especially in its southern sub-markets with a demand for good quality workforce housing.” We feel that although the multifamily cycle is potentially peaking, as long as caution is used, seeking out and being disciplined about acquiring only deals that still make financial sense today, then we are still buyers. The market here is still experiencing a high growth period, with its employment growth and increase in population” says Crown Bay Group CEO Steve Firestone.
The property will be managed by Crown Bay Management, a subsidiary of Crown Bay Group. “We have a strong management team with exceptional local market knowledge. This acquisition is consistent with our value-add strategy and acquisition criteria, and reinforces our portfolio presence in the area,” says Crown Bay Group's CEO.
“This is another great acquisition for our investors,” says Steve. “Our focus is on buying at the right price and being able to add further value.”