Crown Bay Group, LLC, an Atlanta-based multifamily real estate investment firm, this week announced the acquisition of its “highest-priced multifamily housing asset to date.”
The firm acquired The Park at Netherley in Union City, Ga. for $31.1 million or nearly $106,000 per unit. The transaction closed on August 25. No additional transaction details were disclosed.
“Netherley is the perfect addition to our portfolio of assets,” Steve Firestone, founder, and principal of Crown Bay, said in a prepared statement. “It’s an exceptional asset at an attractive price, and we are pleased to be able to make this deal happen. Our Netherley residents will immediately see the Crown Bay difference with a well-managed, well-amenitized, safe, and clean workforce housing environment, a product that is in demand throughout metro Atlanta — and, frankly, in several markets across the Southeast.”
Built in 1988, The Park at Netherley is a 294-unit, one-, two- and three-story apartment community, positioned around a lake with adjacent green space. The community features a business center, clubhouse, playground, swimming pool, and fitness center. Currently, the property is 93 percent leased.
“We expect our proven management strategy to quickly elevate the performance of this property in a manner that will benefit both the residents as well as our investment partners,” Firestone said.
Since 2019, more than $1 million of capital improvements have been completed at Netherley in an effort to enhance curb appeal, upgrade interiors, improve exteriors and boost common area amenities. Crown Bay plans to launch an interior renovation program to further enhance unit interiors. Crown Bay Management, the firm’s property management division, will manage the residential community.
