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Crown Bay Group, Quattro Capital Trade $7M for Stone Mountain Multifam
Atlanta, GA-based Crown Bay Group, LLC, has sold Ashgrove, a 92-unit apartment community in Stone Mountain, GA to Quattro Capital, LLC, for $7.4 million.
“When we acquired this property in September 2019 for $4.8 million, we knew we’d found a diamond in the rough,” said Steve Firestone, founder and principal, Crown Bay Group. “It’s located in one of the top-performing submarkets in the Atlanta MSA, and the smaller unit sizes provide efficiencies in expenses while generating a higher rent per square foot.”
Ashgrove comprises one-, two- and three-bedroom apartment units in 18 one-story buildings on 4.34 acres. The 1984-built complex has seen $500,000 in capital improvements over the past seven years.
The community has easy access to Interstate 285, Stone Mountain’s Amazon distribution center, the Clarkston campus of Georgia State University’s Perimeter College and the proposed Gateway West urban center.
Crown Bay Group has transacted nearly $225 million in Atlanta since June 2021.
- ◦Sale/Acquisition
