ATLANTA, GA – Crown Bay Group LLC, along with its partners Acorn Property Group LLC and Iron Street Capital LLC, announced the acquisition of FortyThree 75 Apartments in Southwest Atlanta. Crown Bay and Acorn Property Group also recently acquired Pines of Southlake in South Atlanta.
FortyThree 75 Apartments is a 260-unit residential complex built in 1974, consisting of 1, 2 and 3 bedroom floor plans in a beautiful residential setting. The property is located on Cascade Road and is just two miles east of the Fulton Industrial District – the largest industrial corridor in the eastern United States. A recently completed Walmart Supercenter, Starbucks, Chick-Fil-A, Home Depot and a Publix-anchored mall are all located at the intersection of Cascade Road / I-285, just 1.5 miles from the property. Amenities include a swimming pool, clubhouse, fitness center, dog park, playground and an on-site MARTA bus stop. Crown Bay plans to continue upgrading the units' interiors as they become available.
Pines of Southlake is a 93 unit community built in 1972 and consists of all 2 and 3 bedroom floor plans. It is located along Mt. Zion Rd in Morrow. The property is adjacent to Tara Elementary School, within walking distance of Southlake Mall and close to Morrow's main business corridor.
Both properties are operated by Crown Bay & # 39; s Property Management Arm, Crown Bay Management, who brings their expertise to implement operational efficiency and promote good tenant relationships. Crown Bay currently operates other properties nearby.
"Given the current market conditions caused by the COVID-19 pandemic, we are taking a cautious but opportunistic approach to investing. Assuming we can purchase a property at a risk-adjusted discount to pre-COVID-19 prices, we hold this is an attractive time to invest in this asset class, "says Steve Firestone, CEO of Crown Bay Group.
"We still believe the Atlanta marketplace is one of the hottest places to invest. All business development translates into continued job and population growth," says Firestone. "We will look for further acquisitions, which may include some commercial assets, with the aim of creating great investment vehicles for us and our investment partners."
Source: Crown Bay Group