ATLANTA, GA - Crown Bay Group LLC, along with its partners Acorn Property Group LLC, and Iron Street Capital LLC, announced its 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 community, built in 1974, consisting of 1, 2- & 3- bedroom floor plans in a beautiful residential setting. The property is located along Cascade Road and is just two miles east of 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 shopping center are all located at the Cascade Road/I-285 interchange, only 1.5 miles from the property. Amenities include a swimming pool, clubhouse, fitness center, dog park, playground, and a MARTA bus stop on site. Crown Bay plans to continue upgrading unit interiors as they come available.
Pines of Southlake is a 93-unit community, built in 1972, consisting of all 2- and 3-bedroom floorplans, located along Mt Zion Rd in Morrow. The property is adjacent to Tara Elementary School, is in walking distance to Southlake Mall, and is near Morrow's primary retail corridor.
Both properties will be operated by Crown Bay's property management arm, Crown Bay Management, which brings its expertise in implementing operational efficiencies and fostering good tenant relations. Crown Bay currently operates other properties nearby.
"We are taking a cautious yet opportunistic approach to investing, given the current market conditions caused by the COVID-19 pandemic. Assuming we can acquire a property at a risk- adjusted discount to pre-COVID-19 pricing, we believe this is an attractive time to invest in this asset class," says Steve Firestone, CEO of Crown Bay Group.
"We still think the Atlanta market is one of the hottest places to be investing in, with all the business development creating continued job and population growth," says Firestone. "We will be looking for further acquisitions which may also include some commercial assets, with the goal of creating great investment vehicles for us and our investment partners."