Crown Bay, Adams Investor Group Close on 240-Unit Multifamily Asset in Atlanta Metro
- Apr 12, 2016
Atlanta–Crown Bay Group LLC, along with its partner Adams Investor Group, recently announced the closing of the purchase of KRC Bridge Apartments in Stone Mountain, Ga. The sale price was undisclosed, but the property sold for $6.05 million back in 2012 in a deal with Marquis Investments representing the buyer and Fannie Mae representing the seller.
“This is another great acquisition for our investors,” said Steve Firestone, managing partner & CEO of Crown Bay Group. “Our focus is on buying at the right price, and adding value, and at the same time offering great service to our tenants.”
Originally built in 1984, the 240-unit, two-story, garden-style apartment community comprised of 28 buildings has been re-branded as Hairston Woods Apartments and features two-bedroom, one- and two-bathroom floorplans with sun room areas and fireplaces. With park-like grounds, property amenities include a swimming pool, laundry facilities and a total of 325 parking spaces. Crown Bay’s portfolio managers Provence Real Estate will be managing the property. According to Yardi Matrix, the occupancy rate as of February 2016 is 90.8 percent and median rents are $635.
The property, situated on 20 acres at 1173 North Hairston Road, is well positioned near a WalMart Superstore and just one mile from the Stone Mountain Industrial area.
“We think the Atlanta market is one of the hottest places to be investing in, and are very bullish on the Atlanta area. I think the surface has only been scratched here, with all the larger development and job growth going on there is great opportunity here,” added Firestone. “We are stepping up our acquisition drive which will also include office buildings with one currently under contract, and possible development projects in the future.”
This marks Crown Bay Group’s fourth Atlanta acquisition, with more deals in the pipeline.