Praxis Expands Atlanta Presence

Crown Bay Group sold the 200-unit Flint River Apartment Homes after purchasing it in November 2016 for $8 million. This deal marks the buyer’s third acquisition in the area over the past year.
Flint River Apartment Homes

Praxis Capital has purchased the 200-unit Flint River Apartment Homes from Crown Bay Group for $13.1 million. The sale marks the buyer’s third transaction in the Atlanta area over the last year, after entering the market with a $14.4 million acquisition in August 2017.

The Bancorp Bank provided Praxis with a three-year, $10.8 million floating interest mortgage to finance the acquisition, according to Clayton County records.

The previous owner picked up the Class B property in November 2016 from PEM Real Estate Group for $8 million, according to Yardi Matrix. PEM had, in turn, acquired the community for $4.9 million from Fannie Mae, which took control of the asset in a foreclosure action in 2014.

Located at 240 Flint River Road in Jonesboro, Ga., the garden-style community’s 17 buildings are positioned less than 20 miles south of central Atlanta, near the Tara Boulevard retail corridor. A MARTA bus stop is adjacent to the property, linking the asset to Atlanta’s international airport.

The property’s two-story buildings contain a mix of two- and three-bedroom apartments, with floorplans ranging from 757 to 1,080 square feet. Amenities include a swimming pool, laundry facilities, two playgrounds and approximately 420 parking spaces. The community was 95 percent occupied as of July.

Image courtesy of Yardi Matrix