Crown Bay Group Acquires 138-Unit Multifamily Asset in Stone Mountain
The property is well positioned near shopping and the recently opened Wal-Mart superstore and main travel arteries.
Crown Bay Group LLC, along with its partners, announces the closing on their purchase of Wynview Apartments on Central Drive in Stone Mountain, a suburb of Atlanta. The property is well positioned near shopping and the recently opened Wal-Mart superstore and main travel arteries.
This is Crown Bay Group’s first Atlanta acquisition, with more deals in the pipeline. «We think the Atlanta market is one of the hottest places to be investing in right now, and are very bullish on Atlanta and the surrounding area if you can find the right deals,» says Steve Firestone, Managing Partner and CEO of Crown Bay Group.
The garden style apartments are situated on a quiet street with park-like mature grounds and a beautiful swimming pool. The new owners and their management are implementing a repositioning and capital improvement plan to enhance the property’s image. This will include rebranding the community with a name change from Wynview Apartments to «Parc Central».
The repositioning will include the upgrade of unit interiors, the addition of new amenities including a great playground for the kids, a picnic area near the pool, and rearranging the offices to provide tenants with a community room that will also hold a business center. The safety of tenants is also an important element. The group has a 0% crime tolerance policy and will be installing some CCTV cameras as well as already having two of Atlanta’s finest (police officers) residing there, who act as the community’s courtesy officers.
The Atlanta Market, including most of its suburbs, is experiencing a high growth period which should carry on for the foreseeable future with its employment opportunities and increase in population.
«Wynview Apartments is a well located value-add acquisition for our investors,» says Steve Firestone. «Our focus is on value-add opportunities in strong job market locations throughout the South East. We will go anywhere there are value-add opportunities in cash flow producing multifamily properties.»