REBusinessOnline

Crown Bay Group Purchases Workforce Housing Community in Atlanta for $31.1M

Park at Netherley

Located at 6770 Buffington Road, The Park at Netherley is located about 13.4 miles from the Atlanta Metropolitan State College and 15.2 miles from Clayton State University.

UNION CITY, GA. — Crown Bay Group LLC, an Atlanta-based multifamily real estate investment firm, has purchased The Park at Netherley, a 294-unit workforce housing community in Union City. The sales price was $31.1 million, or nearly $106,000 per unit. The seller was Blue Magma.

Built in 1988, The Park at Netherley offers one-, two- and three-bedroom apartments. Community amenities include a business center, clubhouse, playground, swimming pool and a fitness center. The property was 93 percent occupied at the time of sale.

Located at 6770 Buffington Road, The Park at Netherley is located about 13.4 miles from the Atlanta Metropolitan State College and 15.2 miles from Clayton State University. Additionally, the property is about 7.8 miles from Hartsfield-Jackson Atlanta International Airport.

Since 2019, more than $1 million of capital improvements have been completed at the apartment complex in order to enhance curb appeal, upgrade interiors, improve exteriors and common area amenities. As the new owner, Crown Bay plans to launch an interior renovation program to enhance unit interiors. Crown Bay Management, the firm’s property management division, will manage the residential community.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

Webinars on Demand


Conferences


Subscribe to the newsletter

Read the Digital Editions

Midwest Multfiamily & Affordable Housing Business

Western Multfiamily & Affordable Housing Business

Texas Multfiamily & Affordable Housing Business

Southeast Multfiamily & Affordable Housing Business

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties  

2021 Finance Insight Video Interviews