CROWN BAY GROUP ACQUIRES 92-UNIT APARTMENT COMMUNITY IN STONE MOUNTAIN, GEORGIA
STONE MOUNTAIN, GA, September 23, 2019 – Atlanta based Crown Bay Group, LLC along with partners Cornerstone Group Investments, LLC, Three Oaks Management, LLC, and Gimme Shelter, LLC are pleased to announce their acquisition of Ashgrove Apartments in Stone Mountain, GA. The property is located right outside of Atlanta’s inner loop.
The garden style single story property is located on Hambrick Road, with easy access to Rockbridge Road and just minutes away from I-285. It is comprised of 92 units spread over 7.6 acres. The new owners intend to complete a deferred maintenance program, along with light unit interior upgrades on select units as units turn. In addition, they will put in place a washer-dryer rental program, which has already been successfully implemented at some of Crown Bay Group’s other properties. The property is currently 100% pre-leased.
The property benefits from an outstanding location, not far from the inner loop of Atlanta. Fortune 100 companies such as Coca Cola, Home Depot, and UPS are all headquartered in Atlanta. For those that live in Stone Mountain that prefer to work closer to home, there are plenty of job opportunities available at the nearby Stone Mountain Industrial Park.
The companies are bullish about the Atlanta market including its submarkets, and more acquisitions between the two companies are in the works. The Southeast markets are experiencing a high growth period which should carry on for the foreseeable future with strong employment growth and increase in population.
“This is a great acquisition for our investors. Our focus is on buying at the right price, with existing cash flow, with the opportunity to continue adding value, and at the same time offering great service to our tenants”, says Steve Firestone.
The property will be managed by Crown Bay Management, a subsidiary of Crown Bay Group.