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Crown Bay Sells Two Atlanta Workforce Communities for $23M
Atlanta-based Crown Bay Group, LLC, has disposed of two of its metro Atlanta workforce housing communities. Soundview Equities LLC acquired Cascade Oaks (113 units) in Atlanta for $12.4 million, while RW Equities acquired Pines of Southlake (93 units) in Morrow for $10.5 million.
CBG acquired Cascade Oaks in January 2020 for $8.3 million and invested $250,000 in capital improvements. The property was 99% leased at sale.
Crown Bay utilized an off-market opportunity to acquire Pines of Southlake in August 2020 at a risk-adjusted price of $6.4 million with the intent to hold for up to five years. The community was 98% leased at sale.
“In 2020, CBG took an opportunistic, yet discerning approach to investing given the market conditions caused by the pandemic,” said Steve Firestone, founder and principal of Crown Bay Group. “We believed that lucrative investing opportunities still existed and navigated the uncertain market to find those assets.”
Photo: Cascade Oaks
- ◦Sale/Acquisition
