Crown Bay Group Acquires Multifamily Apartment Complex in Stone Mountain

by Pam Niequist Wehbi

logoCrown Bay Group LLC, along with its partners, announced the closing on its purchase of Wynview Apartments in Stone Mountain, a suburb of Atlanta.

This is the company’s first Atlanta acquisition according to Steve Firestone, managing partner and CEO of Crown Bay Group.

“We think the Atlanta market is one of the hottest places to be investing in right now, and are very bullish on Atlanta and the surrounding area if you can find the right deals,” he said.

Crown Bay Group and its management are implementing a plan to enhance the property’s image, which is positioned near shopping and main travel arteries. This will include rebranding the community with a name change from Wynview Apartments to “Parc Central,” as well as upgrading the unit interiors and adding a playground.

The safety of tenants is also an important element. The Crown Bay Group has a zero percent crime tolerance policy and will be installing some CCTV cameras. Also, they will have two police officers, who will act as the community’s courtesy officers, residing in the building. The group’s chief executive spoke about the area surrounding the recently purchased apartments.

“Wynview Apartments is a well located value-add acquisition for our investors,” Firestone said. “Our focus is on value-add opportunities in strong job market locations throughout the South East. We will go anywhere there are value-add opportunities in cash flow producing multifamily properties.”

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