Crown Bay Group has acquired two communities in the Atlanta metropolitan area, enlarging its Georgia multifamily portfolio to a total of 10 properties. Grosella Capital sold The Pines at Greenbriar and Mountain Oaks for a combined price of $27.7 million.
The Pines at Greenbriar comprises 376 units and is located at 2909 S.W. Campbellton Road. The floorplan mix consists of 135 one-bedroom, 160 two-bedroom and 81 three-bedroom configurations, ranging from 660 to 1,175 square feet. Residents have access to a clubhouse, playground, swimming pool, laundry facilities and 500 parking spaces.
The community is minutes away from two major arteries, Interstate 285 (The Perimeter) and U.S. Route 154. Multiple retailers and restaurants are situated near the junction of the two thoroughfares, including Westgate Shopping Center and Greenbriar Mall. Several schools are situated nearby, along with employment opportunities and immediate access around the Atlanta metro.
Mountain Oaks is located at 4719 Central Drive in the Stone Mountain suburb. The community comprises 74 one-bedroom, 93 two-bedroom and 13 three-bedroom units, ranging from 850 to 1,300 square feet. Common amenities include a basketball court, playground, swimming pool, laundry facilities, clubhouse with fitness center and 350 parking spaces.
The nearby area features several restaurants and a Walmart Shopping Center along Memorial Drive, a few minutes’ drive away from Mountain Oaks. Additional points of interest nearby include Georgia State University’s Perimeter campus and Stone Mountain Park. Other areas of the Atlanta metro are reachable via routes 10 and 78.
Both communities were constructed in 1972 and previous ownership implemented renovation programs. Crown Bay Management Co. will provide property management services at both locations, including carrying out the rehabilitation initiatives that will feature unit improvements and amenity package upgrades.
“These were perfect properties for our investors’ portfolio. The portfolio emphasizes properties that are cash flowing but offer multiple opportunities for added value. With both communities, we plan to update units with our standard package to include new appliances, flooring and lighting as appropriate, as well as update community amenities,” said Steve Firestone, managing partner & CEO of Crown Bay Group, in a prepared statement.
Photos courtesy of Crown Bay Group