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