Atlanta-based apartment investor Crown Bay Group acquired the 284-unit Cameron Run community in an off-market transaction for $35 million.
Cameron Run is located at 4395 Washington Road in East Point. Courtesy of Google Maps.
The southwest Atlanta workforce-housing asset is Crown Bay’s largest acquisition since its founding in 2013. The seller was not disclosed.
“The acquisition of Cameron Run represents another exceptional opportunity for our investors to diversify their portfolios with the type of real estate asset that is historically very stable and recession-proof — workforce housing,” Crown Bay founder and principal Steve Firestone said in a press release. “Although these are challenging and uncertain economic times, we saw the potential in this property and seized the opportunity to add it to our portfolio. In particular, the attractive loan assumption made this opportunity even more appealing.”
The garden-apartment community, built in 1972, is located at 4395 Washington Road in East Point. More than $1 million of improvements were made to the property before the acquisition, including a new gym, playground, artificial-turf sports field and dog park. The property was 93% occupied at the time of the sale.
“At Cameron Run, we will invest significant funds to continue to improve the property and ensure a quality residential environment for our tenants,” Firestone said.
Crown Bay Management will manage the property.
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