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Atlanta & Southeast  + Atlanta Metro  + Apartments  | 
Crown Bay Group, LLC has sold multifamily properties Southlake Cove in Jonesboro, GA and Vineyard Pointe in Riverdale, GA to R. James Properties, Inc., for $35.9 million.

Crown Bay Group Sells Metro Atlanta Two-Multifamily Portfolio for $36M

Atlanta, Ga-based Crown Bay Group, LLC, has sold a portfolio of two multifamily communities — Southlake Cove in Jonesboro, GA and Vineyard Pointe in Riverdale, GA — to R. James Properties, Inc., for $35.9 million.

 “Over the past two-plus years, we were strategic in the improvements made, both from a cosmetic and management standpoint,” said Steve Firestone, founder and principal of Crown Bay Group. “The fact that we were able to sell them for significant profit that well-exceeds our proforma in less than three years, demonstrates the value of forced appreciation, not to mention the historical stability of this asset.”

Southlake Cove sold for $27.3 million at 100% occupied. The property was acquired in February 2019 for $18.3 million at 91% occupied. The 34.5-acre complex includes 45 buildings with 346 units.

Vineyard Pointe sold for $8.5 million. The property was purchased in February 2019 for $5.7 million. The 11-acres complex includes 18 buildings housing 108 units.

Photo: Vineyard Pointe

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Inside The Story

Crown Bay Group's Firestone

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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